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BROKER-DEALERS: 1,000 Advisors or More Diversity, Equity and Inclusion
LPL FINANCIAL
Advisor Institute Today, more advisors are leaving the financial industry than joining and new advisor retention rates are shockingly low: only 15% will remain in the industry beyond year five. Over 80% of advisors are Caucasian men with an average age of 45, emphasizing the diversity disparity in the profession. Recognizing the lack of diversity, LPL launched the Advisor Institute to deliver innovative solutions to tackle these challenges—offering resources to help find top talent and once hired, provide programs that expedite a new advisor’s development. The Advisor Institute helps
new advisors gain the knowledge and abilities to prosper early in their career and set them up for lasting success, plus offer support and resources to keep them engaged and more likely to stay in the industry long-term.
LPL Financial Holdings Inc. (Nasdaq: LPLA) was founded on the principle that LPL should work for advisors and enterprises, and not the other way around. Today, LPL is a leader in the markets we serve, serving nearly 22,000 financial advisors, including advisors at approximately 1,100 enterprises and at approximately 550 registered investment advisor (“RIA”) firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial professional. At LPL, independence means that advisors and enterprise leaders have the freedom they deserve to choose the business model, services and technology resources that allow them to run a thriving business. They have the flexibility to do business their way. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors and enterprises, so they can take care of their clients.
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*NOTE: Company descriptions are effective as of the date of nomination submission (February – May 2023). For updated facts and figures since that timeframe, please contact the nominated company.
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