Advisors Who Leverage an Outsourced CFO Can Accelerate Growth, Drive Efficiency and Maximize the Value of Their Businesses, According to LPL Financial

To reach more advisors, LPL rolls out new CFO Essentials outsourcing solution

CHARLOTTE, N.C., Oct. 25, 2023 (GLOBE NEWSWIRE) -- Once reserved primarily only for large, more complex enterprises, LPL Financial is making hiring a Chief Financial Officer more realistic for advisory firms of all sizes and stages of growth.

CFO Essentials is the newest offering from LPL Business Solutions, which provides more than 3,500 advisors with access to a suite of outsourced services, strategic partners, and industry-leading resources to run a thriving business. The new CFO Essentials offering provides chief financial officer expertise to emerging firms and growth-minded advisors seeking executive-level strategic counsel. CFO Essentials delivers individualized financial benchmarking, budgeting, and forecasting strategies provided by experienced financial professionals.

While LPL’s flagship CFO Premium solution is designed for complex, multi-layered practices, CFO Essentials is a lower-priced, lighter-touch bundle of services providing advisors with a dedicated CFO who offers fundamental support and actionable roadmaps for optimization, growth, and efficiency. It is designed for businesses at all stages of their lifecycle, particularly those in high-growth mode who are seeking a solid financial foundation to build upon. Advisors using the CFO Premium solution have seen compelling results, including in some cases increased average annual business valuations upwards of 30%.¹

“The success of the CFO Premium solution led to the introduction of CFO Essentials as an alternative for those financial professionals who want access to an accountability partner to help them grow and scale their business, but don’t require the full scope of services CFO Premium provides,” said Executive Vice President, LPL Business Solutions, Joe Lanser. “By streamlining the services into the CFO Essentials package, we can offer greater accessibility to a wider range of businesses that affiliate with LPL.”

Stephen Iaconis, CFP, owner and advisor at Financial Advice & Consulting, LLC, a financial advisory firm located in Birmingham, Alabama, engaged the LPL Business Solutions team to implement the outsourced CFO Essentials program in January 2023 as part of a pilot rollout. Iaconis’s firm operates with several staff, including the roles of Certified Financial Planner, Director of Operations, Client Service, as well as LPL Admin Solutions. Adding CFO expertise to the team has been beneficial in supporting the firm’s current phase of growth by providing focus and clarity in areas like client segmentation, benchmarking the business, and defining staff roles while ensuring competitive compensation.