Donald Stahl Peg Gaston

Technology Drives Value to Financial Planning

May 16, 2018

LPL Financial

Donald Stahl, LPL senior vice president, and Peg Gaston, Investment & Planning Services manager at Rochester, N.Y.-based ESL Federal Credit Union (ESL), discuss ways LPL’s technology has enabled the institution’s wealth management program to implement a successful segmentation strategy and expand its financial planning offering, which, according to ESL, helped drive growth for the program over the past two years.

PODCAST: Listen to the interview

A few highlights from the interview:

  • Segmentation Strategy: When looking to solve for organic growth and retention, Gaston realized ESL needed technology solutions to help manage the size and scale of its business. “We created a model for segmenting the clients, and then also a service model that went with the segmentation.” Client segmentation also created the opportunity to launch a junior advisor program.
  • Redtail Adoption: Adoption of the CRM solution also helped to increase efficiency and deliver a more customized service experience. Gaston believes it has allowed everyone on Gaston’s team to look at each client, no matter the branch or location, and offers more personalized engagement between advisor and client.
  • WealthVision: “We have a full-time planner who is very busy and we needed to have something in the hands of the advisors that they could use while they're meeting with clients.” WealthVision, LPL’s proprietary financial planning tool, makes it possible for ESL’s advisors to provide goal-based planning scenarios to clients.

 LPL Financial and ESL Federal Credit Union are separate entities.