LPL Financial

Started automation with Account Onboarding processing, and it paid off

The leading provider to independent financial advisors in the U.S. implemented Intelligent Automation and achieved cost savings of $1M+

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LPL Financial automation story
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Key automated process:

Account application forms' processing


  • $1M+ in manual effort cost savings
  • 10% of documents are processed straight-through
  • 20 seconds is the average processing time for 90% of documents

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LPL Financial reduces account opening processing time by 80%, enabling growth for financial advisors

With over $1 trillion in assets under management, LPL Financial is the leading broker-dealer in the U.S. The company supports more than 19,000 financial advisors nationwide, serving more than 6 million American investors and opening thousands of new accounts every day. As part of a strategic initiative around automation, LPL deployed WorkFusion’s platform to tackle critical document handling tasks in service, trading and operations.

The result is 80% reduction in the overall processing time, with 10% of documents processed straight-through. The remaining 90% require minimal human intervention and are handled in an average of 20 seconds each.

The following impressive results were achieved:

  • Real-time processing and approvals
  • Faster account openings Increased employee satisfaction
  • Improved accuracy

Intelligently automating our core business processes boosted the rate of efficiency gain and opened up multiple avenues to scale across the organization. [Automation] developed in WorkFusion became a true digital twin of our workforce.

Deepika Chopra, SVP Business Reinvention, LPL Financial

By starting with one large and complex use case, we robotized the top 20–30% most frequently used apps, in our top 80% of business processes. This enabled a reusable framework for other bots to follow. It created a massive tailwind for execution within just a few months.

Prashant Sarode, SVP, Head of Automation & Cognitive Technology, LPL Financial
Intelligent Automation enables us to modernize our back-office processes, leading to a better client and employee experience. This is essential, as we aspire to deliver a customer experience that's unmatched within the Wealth Management industry.
Roosevelt Dawkins III, SVP Operations, LPL Financial
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