LPL Financial is furthering its mission to revamp its technology infrastructure and related processes, announcing on Tuesday that it has created a new high-ranking position — and recruited a former C-level wirehouse executive to fill it.
Anthony Perkins, who previously served as the technology officer of Wells Fargo Advisors, will take on the newly created role. Serving as executive vice president of technology product development, he will report to Victor Fetter, LPL's chief information officer.
Mr. Perkins will lead the analysis, design, development and delivery of technology products and services, including the company's
recently announced robo-adviser pilot program and the anticipated debut of additional automated services to streamline advisers' practices. His position at LPL is not much of a departure from his role at Wells Fargo, where he oversaw adviser-facing applications and all technology-related front-office services and processes.
"We created this role to really bring the best of innovation for advisers together," Mr. Fetter said.
Mr. Perkins has also held positions at Bank of New York Mellon, Morgan Stanley Wealth Management, HSBC Bank, Atlantic Trust, State Street and GE Capital.
"Financial services — that's where I have been my whole career," Mr. Perkins said. "I focus on the adviser, and helping that adviser increase their book of business, to focus on innovation both for the adviser and investor."
DIGITAL REVOLUTION
He said the industry is in the middle of a digital revolution, and that it is important that advisers can get important information anywhere they want.
"Advisers want to be able to give information that is relevant to their investors," Mr. Perkins said.
That's where LPL is trying to improve. Technological innovations have been a main area of focus for the broker-dealer, which was evident during the firm's annual conference, LPL Focus, held in late July in Boston.
It was during the conference that the company's executives made major promises to its advisers in the field, including some lofty goals for
more automated operational processes.
Currently, LPL estimates that 15% of its adviser operations are automated, but is looking to boost that to 85% within the next few years. The newly automated processes would include everything from opening new client accounts and executing account transfers to moving money. The effort is expected to cost millions of dollars, although LPL did not specify an exact budget estimate.
Mr. Fetter said there were no additional updates on the automated investment service as of Tuesday.
NEW CTO
In May, the company
created another new position — chief technology officer — and hired David Wright, who previously worked as the chief information officer at McGraw-Hill Education. He is responsible for technology security, overseeing infrastructure operations and developing technology strategies.
