You may start seeing LPL Financial advertisements when watching sporting events, streaming television shows or scrolling through social media.
The country’s largest independent broker/dealer announced Thursday it is stepping out with a national advertising blitz to bolster brand recognition. LPL’s campaign, called “What if You Could?” will air on television, social channels and in print and digital advertisements and feature actress Anna Kendrick.
“Our business was founded on the aspiration of broadening access to personalized financial advice for all who need it,” CEO Rich Steinmeier said in a statement. “We’ve been quietly delivering on that purpose ever since, focusing on the technology, services and breadth of capabilities that today empower more financial professionals than any other firm in the industry.”
LPL makes the advertising investment shortly after announcing a major acquisition for one of its smaller but well-respected competitors, Commonwealth Financial Network. It also does so less than a year after Steinmeier, the former chief growth officer, became CEO after Dan Arnold was terminated for violating the company’s workplace policies.
The campaign is yet another sign of a highly competitive market for clients and advisors. In the announcement, Steinmeier noted the move was made in part “based on advisor feedback,” aiming to “establish a connection with the people who rely on LPL advisors and affiliated institutions to help them reach their goals.”
Since its founding in 1989, San Diego-based LPL has built itself on the reputation of being different from Wall Street-based banking advisors, with its national network of wealth managers and those affiliated with other financial institutions. Through that model, it has built an asset base of about $1.8 trillion for 7 million clients.
However, over the years, it has also faced increased competition from a surge of independent RIAs fueled by private equity money and promising advisors more autonomy and the ability to give fee-only advice.
Meanwhile, broker/dealer rivals have sought to differentiate themselves with claims of greater independence and stronger technological capabilities for advisors. Commonwealth was one of those firms, having built a network of 2,900 independent advisors and $285 billion in client assets.
Now, LPL is in the process of acquiring the firm, with Steinmeier saying on a recent earnings call that LPL remains confident in keeping 90% of those advisors despite competitor overtures.
LPL’s new campaign features actress Anna Kendrick walking through New York City laying down a path of grass symbolizing the opportunity clients have in working with LPL.
“What If You Could? is such a powerful question that provokes endless possibilities for everyone,” Kendrick said in a statement. “Just imagine the potential when the greener grass is always on your side. LPL is in a position to make this happen. It’s really cool to partner with the company that is helping people see all that their future can hold.”??
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