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Wednesday, August 2, 2017

LPL's Cyborg Advisor Program Is Almost Here

News summary by MFWire's editors

LPL's ETF-powered, cyborg advisor offering is almost here.

Guided Wealth Portfolios, LPL's roboadvisor solution meant to help human FAs scale their practices and extend their reach, is about to launch, LPL's Rob Pettman confirmed yesterday from the main stage at the independent broker-dealer's Focus 2017 conference at the Boston Convention and Exhibition Center. The program is currently being piloted with more than $14 million for more than 700 clients with an average age of 41, Pettman added. GWP is powered by BlackRock's FutureAdvisor, as planned last year, and by ETFs selected by LPL's research team.

"We are launching GWP this month," said Pettman, executive vice president of product and platform management. "The first wave of invitations will go out."

LPL CEO Dan Arnold, then president of the B-D, first unveiled LPL's cyborg advisor solution at Focus two years ago.

"We've been in pilot for a while," Pettman tells MFWire. "We're learning this through the eyes of the advisor."

Yesterday Pettman and a host of other top brass at LPL shared updates with LPL's FAs. And "marketing provocateur" Seth Godin sucked FAs in with a speech calling for them to dare to be different and innovate, to take risks.

Emcee Andy Kalbaugh, managing director and divisional president of national sales and consulting at LPL, quipped that today (the final day of Focus 2017) will feature the "Burt and Bert" show. Indeed, today LPL's Burt White, chief investment officer and managing director of investor and investment solutions at LPL, and Bert Jacobs, co-founder and CEO of the Life Is Good Company, are both scheduled to speak from the main stage this morning. Then, following a final round of breakout sessions, the conference will wrap up at midday with grab-and-go lunches for FAs' trips home.

Though LPL has recently been alternating Focus between San Diego and Boston, next year Focus will again be held in Boston. Focus 2018 is scheduled for July 29-August 1, 2018. 

Edited by: Neil Anderson, Managing Editor


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