LPL Financial Institution Services' Intensive New Coaching Program for Sales Managers Yields Exceptional Results for First Graduates

Jun 11, 2012, 09:15 ET from LPL Financial LLC

BOSTON, June 11, 2012 /PRNewswire/ -- LPL Financial LLC, the nation's largest independent broker-dealer* and a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA), announced today that the first graduates of its intensive new Sales Manager Coaching Program (SMCP), designed specifically for program managers and sales managers of bank and credit union investment departments, achieved exceptional results in increasing the sales of their financial advisors. 

Offered selectively by LPL Financial's Institution Services division, the 12-month program includes one-on-one coaching, peer conferences and the study of best practices.  Quantitatively and qualitatively, the SMCP significantly improved participant performance, both on an absolute basis and when compared to the wealth management departments at other LPL Financial bank and credit union clients whose sales managers did not participate in the program.

The results recorded by SMCP participants included:

  • A 21% increase in gross dealer concessions (GDC) – 65% higher than those of LPL Financial clients who did not participate in the program;
  • Improved sales coaching by participants of their financial advisors, including both top producers and lower-tier producers;
  • Improved recruitment and production ramp for new financial advisors at participants' firms; and
  • Increased scores for participating managers on 360-degree assessments by 10%.

Arthur Osman, Senior Vice President, Business Consulting for LPL Financial's Institution Services, said, "LPL Financial identified an opportunity for banks and credit unions to leverage the productivity and contribution of their investment departments by enhancing their professional development activities at the sales manager and program manager level."

"Through their dedicated efforts, SMCP participants progressed as both managers and leaders, and developed skills to more effectively empower their teams to accomplish their goals. This translated directly into higher sales and improved operations," said Osman.

About the Program

The SMCP is designed to educate participants on LPL Financial tools and best practices and develop leadership skills. The curriculum includes a personal assessment of each participant's sales management skills; face-to-face workshops focused on coaching best practices, techniques and tools; quarterly group conference calls and regular follow-up; and one-on-one coaching sessions with industry veteran Dr. John Rhodes, VP, National Accounts at CNL Securities. Dr. Rhodes has an outstanding reputation as the creator of coaching programs designed to assist financial advisors in their business and professional lives.

CNL Securities was also instrumental in the program's success, and LPL Financial gratefully acknowledged CNL's partnership and support.

"We are extremely pleased with the many benefits our clients derived from this innovative and exciting new program. The outstanding success of our first group encouraged us to offer the program once again, and we look forward to extending it to new participants.  We are also pleased that the program helped to strengthen our clients' relationships with LPL Financial and demonstrated once more our leadership in the bank and credit union arena," Mr. Osman concluded.

The 18 participants of the initial program, representing 159 financial advisors, chose to extend the year-long program for an additional 12 months.  The next group of participants, totaling 23 managers, is slated to begin the SMCP in June 2012. 

About LPL Financial

LPL Financial, a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2011), a top RIA custodian, and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to over 12,900 financial advisors and approximately 680 financial institutions. In addition, LPL Financial supports over 4,400 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 2,700 employees with headquarters in Boston, Charlotte, and San Diego. For more information, please visit

Securities offered through LPL Financial. Member FINRA/SIPC

*Based on total revenues, Financial Planning magazine, June 1996-2011


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