Barry Ritholtz asked the LPL Financial CEO what financial advice will look like in ten years. This is his prediction of how AI and automation will shift advisors' time toward clients.
…for investments to be a great platform or support of advisors will continue to rise. And it's why I like our institutional business because we support firms, institutions who may not be at that threshold to be competitive, but we're the only white labeled platform that is in the marketplace.
…10 years. What do you think of the future of financial advice will look like? What do you think? What do you believe that you suspect a lot of other people in the industry might disagree with you about? And how is LPL positioning itself consistent with those beliefs? That's a lot in one question.
That is a lot. The first is, I do think if you look at that 10-year arc, I think you will see the inversion of that kind of today is 30% client-facing and 70% kind of process work. I think you will see that revert. I think you will see that be 70% of client delivery and 30% of the process work that occurs in the background. That means there's going to be a freeing up. So, I mentioned, you mentioned that we have 32,000 advisors, but across our entire staff that exists inside of advisors' offices, we're closer to 70 to 75,000 individuals.
That's amazing.
And so, what I think you'll see in that is that so many of those folks are actually doing the work behind the scenes. A lot of that work's going to get done on their behalf. And so, you're going to see a freeing of capacity to deliver advice to the point that you made earlier to lower levels of…
We mentioned so many firms are staying private longer. Both yourself and a lot of the larger competitors are public. How does being a public company affect how you develop the platform, how you build the culture, and how you think about the advice that your clients, the advisors, give their…