CUSTOMER SUCCESS

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+

LPL Financial automation story
LPL financial logo

Key automated process:

Account application forms’ processing

Results:

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

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