LPL Financial
Wealth Management
Overview
The LPL Wealth Management team provides wealth management support through Business Consultant, which also generated qualified leads. After conducting a recent research survey, LPL uncovered advisors growing interest in receiving wealth management education. The company decided to create an online wealth management education and learning resource, so that advisor can increase awareness and adoption of wealth management. The site will also generate leads to deliver to sales.
My role was Design Manager, and I supported Platform Strategy, User Research, Interaction, Visual design, Prototyping & Testing, and Information Architecture
August 2019 - November 2019
Discovery
To understand the problem, the team met with Business Consultants to understand how they use face to face and phone conversations as opportunities to educate advisors. We compared a few distribution methods, and determined our MVP priority, and how other methods would come online. We formed a basic user flow for advisors reaching the site for he first time, and repeat visits, then met with project team and Technology to review and align on initial findings:
Advisors define wealth management in different ways. This is a broad topic, and would not be covered in a single video or class. LPL should consider defining ongoing training to keep Advisors up-to-speed.
LPL offers specific wealth management tools. LPL has invested in tools that align to our philosophy of helping Advisor be more successful. Advisors may seek other tools, and will require help finding something similar we have, or being told that we don't support.
Advisors succeed when leveraging Wealth Management in their practice. We saw a correlation between amount of Assets under management and applied Wealth Management training. Advisors make more money when offering this service to their customers.
Advisors want to access educational materials on the phone. LPL's authenticated environment in only available on Desktop. Technology will have to assist in creating a mobile solution.
Hypothesis
We presented our findings to Wealth Management leadership, and schedule a few collaboration sessions to align on potential solutions. We used wireframes to quickly centralized on a few key features:
Assess your skill. Advisors want to use their time wisely, and watch something that is relative to their current skills. A self-assessment tool will help them determine, and guide them to relevant content.
Course and ad-hoc learning. To flex to advisor needs, we will build out courses (with multiple videos and materials to review) and one-off content for seasonal or passing interest.
Identify interest in learning more. We will implement a tool that acts as a feedback and idea generator, as well as a lead generator.
Advisors must feel educated. We decided to explore other education website, and created a moodboard to guide us towards an educational feel.
Delivery
After aligning on the future experience, we worked with Technology to determine an MVP. Technology implemented a new template, which will flex to support the growing needs of this information. Note: The tool has many limitations, so we used the MVP as a pilot to gain feedback from advisors.
