Victor Fetter turns his guns on LPL's thorniest software challenge -- 21st century performance reporting

The point that is consistently missed is more modern approaches to portfolio construction that (a) facilitate continuous comprehensive counsel required by statute (b) at far lower cost, (c) facilitate the management of a far higher degree of portfolio detail, (d) entail the expert management of investment and administrative values far beyond the human capability to reason and (e) afford far better advisor compensation at a lower cost to the consumer, render obsolete the flipping of expensive packaged products with no broker accountability or ongoing responsibility.

The solution for most of the competitive challenges faced by broker/dealers is to go far outside the business of distributing products in the broker/dealers best interest to addressing and managing investment and administrative values in the client’s best interest.

In a free market the consumer’s best interest always has won since Adam Smith introduced “the invisible hand” in 1776. The future is in individualized advice of fiduciary standing not in a series of disjointed unrelated transaction where it is not possible to determine whether value is added. Is LPL simply a product distribution firm or an advisory firm that actually adds value and can prove it? The strategic implication of this question will determine LPL’s success.

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It’s not just build vs. buy of the actual report generation software. Report building tools are advanced enough to where it’s not a major expense. These two primary factors drive the decision:

1. LPL, being a broker/dealer, is liable for report contents, whereas third party reporting solution companies are not. They are basically just providing a tool, and whatever is generated out of it, is advisor’s responsibility to validate. In contrast, LPL is responsible for oversight of advisor activity and the content of the report, which is a completely different ball game.

2. Data quality is one of the main consideration in reporting. The effort and cost to generate reports with accurate data does not vary greatly between the two options, e.g. it would be roughly the same to manage data quality internally, by company A, or by company B, as everyone starts with the same input data more or less. It is however the main obstacle, and the cost of data quality management outweighs the cost of report generation by orders of magnitude. Experience shows that it is in fact better to do it internally, as internal staff are much more verse with the data than an outside company.

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