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 success 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
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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 Intelligent Automation Cloud 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. Robots 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