02.02.22

Leading With Optimism Amongst Uncertainty

by: Shawn Mihal, LPL Financial

As we enter year two of the pandemic, there have been several changes to the industry. At this point, uncertainty has become commonplace, which can create tension and anxiety about the future ahead. However, it doesn’t have to be like that. Instead of dwelling on the ‘what if’s,’ we should instead face toward the future with optimism.

We had the opportunity to speak with Shawn Mihal, executive vice president of Institution Services Relationship Management at LPL, and ask him how to lead with optimism amongst uncertainty.

 

1) What kinds of plans do you and your organization have for financial professionals in 2022 and in terms of the long-term future?

In recent years, client expectations have expanded beyond traditional in-person experiences to robust digital, omni-channel and journey-oriented support. The pandemic only accelerated this trend. The entire financial services industry is evolving, and we recognize that change is constant, transparency is imperative and collaboration is crucial. Advisors and institutions need a partner they can rely on—one that’s supportive, flexible and well-positioned to support future growth and evolution. Our goal is clear: To enable advisors to build their perfect practice and support institutional investment programs with integrated capabilities and tools, leveraging data and analytics to help them learn more about their clients’ needs.

LPL’s commitment to the institution space continues to grow. We’ll introduce new business concepts and modern, digital end-client capabilities to help institutions and advisors deliver an even more enriching experience to their clients and members. We are developing tools to accelerate meeting preparation and insights, improve communications and alerts through intuitive digital capabilities, advance e-signature processes, and deploy more efficient money and account movement functionality. We are also continuing our efforts to unify the wealth offering within institutions, across investment and trust programs.

In addition, we expect to see an increase in market trends such as outsourcing investment programs to a third-party like LPL for all wealth management solutions. As this trend continues, the needs of institutional partners will be driven by flexibility, including the flexibility to design and configure their wealth management programs to curate a differentiated experience for their clients and members. 

2)  As the executive vice president of institution services, what do you consider to be the most rewarding experience of being in a leadership position?

In my nearly two and a half decades in the industry, the most rewarding experience is knowing that our partner institutions and trusted advisors truly make a difference in the lives of the clients and members they serve. Our role is to support our valued partners in the growth and development of their investment programs. I have the privilege of working with the best team in the industry as we collaborate with our institutional partners to develop strategies focused on their success. In doing this, we see the profound and positive impact they are having on their clients’ financial lives by having access to trusted financial advice.

As a leader with an incredible team, my goal is to help our valued team members grow with our organization and provide them with opportunities to advance and achieve what they want in their careers. Helping others reach and exceed their personal and professional goals is a truly rewarding experience. 

3) You and your organization are very optimistic about the future of financial advice. What makes LPL Financial so optimistic? What about the current state of the industry seems to promise a positive future?

Financial advice is critical to helping people plan for their financial future. In this regard, we are incredibly bullish on the future of financial advice and our commitment to providing platforms and services that evolve to help position our partners and their clients and members for financial success. 

We are also optimistic and enthusiastic about how holistic advice can serve as a differentiated offering in the next 3-5 years. As financial needs continue to evolve, so do the services offered through our institutional partners. As we’ve seen the ongoing trend from transactional-based business to deeper, more holistic financial advice, advisors are able to get closer than ever to clients to form deeper relationships, provide new ways to deliver value and grow share of wallet. 

The future for this industry is bright. The market is expected to grow by about $10 trillion over the next decade, and financial institutions are uniquely well-positioned to attract and retain more clients – and have an extremely compelling value proposition by offering holistic financial advice.

4) Personally or professionally, what’s your most audacious aspiration?

My most audacious personal aspiration is to race a motorcycle in the Moto GP World Championship, but I am about 30 years too old and not nearly fast enough.

From a professional perspective, I am proud to be part of an industry-leading team that is fully committed to the success of our institutional partners. In that regard, I believe that we are and will continue to be the premier leader in third-party institutional relationships and the best positioned organization to help institutions thrive across all aspects of their wealth business.    

 

LPL Financial President and CEO Dan Arnold will be presenting Future of Advice - Overwhelming Reasons for Optimism at the BISA 2022 Annual Convention. Be sure to register now to catch the keynote session and more.