WealthTech on Deck Effectively Running a Models-Based Practice with Robert Pettman
Leading a financial advisory firm is a challenge. The goal is to provide sound and objective financial planning advice to clients but to do so profitably and at scale is an uphill battle.
In today’s episode, Jack talks with Robert Pettman, EVP, Wealth Management Solutions at LPL Financial. Robert is responsible for leading the advisory and brokerage platforms, investment products, and relationships with asset managers, insurance companies, and wealth tech providers. In addition to his role, he also heads the research department, a new component that is essential to a comprehensive wealth management strategy.
Robert talks with Jack about LPL Financial's spectrum of products, solutions, and opportunities, how they enable advisors to run a models-based practice more efficiently and effectively, and what his outlook is for the future of the financial advisory business.
Key Takeaways
- [02:03] - How Robert got his start in the financial services industry.
- [05:53] - What LPL Financial is working on right now that Robert is excited about.
- [07:59] - How LPL Financial empowers advisors.
- [13:31] - How Robert handles the many tasks involved in serving advisors.
- [17:20] - Robert's outlook for the future of the financial advisory business.
- [22:55] - Robert's three key takeaways.
- [23:49] - Interesting facts about Robert.
Quotes
[14:18] - "It's really important to have great talent, creative and innovative, and client-centric that understands the issues, that's focused on solving problems for the clients and essentially bringing forward those ideas to actually help propel the company in doing the best that it can in serving advisors." - Robert Pettman
[17:34] - "A product really exists as a vehicle of convenience. And it so happens that with the evolution of technology, we're actually getting to a place where that's not actually the most efficient and effective way to deliver solutions." - Robert Pettman
[23:02] - "That theme of technology attacking the product wrapper is not something that's scary. It's something to be embraced and that can provide extra features and benefits for advisors and investors." - Robert Pettman
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