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By Janet LevauxAugust 05, 2023 at 09:06 AM

At the start of its yearly conference, LPL Financial executives are emphasizing the growing role of artificial intelligence and their optimistic outlook for the advice business.

As we look forward together, we are bullish on the future of financial advice and our strategy to help advisors and institutions turn a blue ocean opportunity into reality, President & CEO Dan Arnold said in a statement.

For us, that means empowering advisors and institutions to deliver great advice to their clients and to be great operators of their businesses, Arnold explained in remarks shared with the press early Saturday before the Focus 2023 events general session.

In terms of technology, the broker-dealer highlighted its growing interest in the role of AI as it did during its July 27 earnings call. When it comes to AI, we dont believe theres any replacing the advisor-client relationship, Chief Technology Advisor Greg Gates said in statement Saturday.We see AI as an additional opportunity for advisors to enhance the way they engage with clients and run their business.

In the second quarter, the firm introduced a new performance tool, Practice Hub, which relies on AI and aims to serve as a co-pilot for advisors, its executives said last week.

Practice Hub, a centralized dashboard in the firms ClientWorks portal, gives advisors information about their key practice metrics, so they can set goals, benchmark their success against their peers and receive help to run their business moreefficiently, according to the firm.

As for more AI-powered technology, the firm recently introduced Advertising Review Tool, which helps speed up the approval rate for advisors marketing content.

Next year, it plans to roll outClientWorks Rebalancer, a trading and rebalancing system for practices of many different sizes, affiliation models and sophistication levels.

While it is still early to make predictions, the history of technologys influence on the wealth management industry gives us reason for optimism about AIs future in further enriching the role of the financial advisor, Gates explained.

The firms Focus conference featured Col.Nicole Malachowski, a retired officer of the U.S. Air Force, on Friday. Other speakers includeBlue Owl Capital CEO Doug Ostrover and author Erik Wahl. Singer Bryan Adams will take the stage for Sundaysfinal-night reception.

As of June 30, LPL worked with 21,942 financial advisors, and reported total advisory and brokerage assets of $1.24 trillion.

See: LPL Advisor Headcount Hits New High

Pictured: LPL CEO Dan Arnold

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LPL Puts AI Center Stage at Yearly Event - ThinkAdvisor