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As an LPL Financial advisor, we value your opinion. In order to ensure that we are adequately fulfilling your needs, we would appreciate you taking the time to complete the attached survey. This survey aims to determine how important performance reports are to your practice. As a financial advisor, we understand the importance of being able to provide accurate reporting to clients. Through your input in this survey and our goal is to better facilitate the creation and delivery of those reports in the current regulatory environment. |
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| LPL is committed to the on-going improvements of the Portfolio reporting process both in terms of the system e.g. Portfolio Manager used to generate the reports, and the actual usability as well as layout of the reports. Which Portfolio reporting tool do you currently utilize? |
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| Which of the following Custom Created or 3rd Party Portfolio Reporting Solution do you use for generating Portfolio Reports? |
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| Which utility or approach have you used to create your Custom Created Solution? |
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| What quality best captures your experience in using your current Custom Created or 3rd Party Portfolio Reporting Solution? |
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| If you either currently use Portfolio Manager, or may have in the past what features or functionalities of Portfolio Manager do you find most challenging? |
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| What features or functionalities of Portfolio Manager do you find most challenging? |
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| You selected, 'Unable to effectively report on certain securities, e.g. Alternative Investments'. Please specify. | | |
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| You selected, 'Unable to effectively report on certain securities, e.g. Alternative Investments'. Please specify. | | |
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| You selected, 'Formatting of the reports lacks professional look and feel'. Please specify. | | |
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| You selected, 'Formatting of the reports lacks professional look and feel'. Please specify. | | |
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| You selected, 'Lacking of information required in the generated reports'. Please specify. | | |
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| You selected, 'Lacking of information required in the generated reports'. Please specify. | | |
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| You selected, 'Too much information produced or included in the reports'. Please specify. | | |
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| You selected, 'Too much information produced or included in the reports'. Please specify. | | |
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| * Please select 3 Portfolio Manager enhancements you would most like to see added, with the choices being: |
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| * Please select 3 Portfolio Manager enhancements you would most like to see added, with the choices being: |
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| In a recent FINRA Notice to Members (10-19), FINRA noted stricter best practice requirements on the overview on the Reporting process if a 3rd Party or Custom Created Solution is being used. In addition to the current requirements for a Compliance prior review, on a scale from 1 through 5, with 1 being not critical to 5 being very critical, rate the overall impact you think your office will experience with the below listed oversight rules.
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| Please order the following list of FINRA regulations in relative order of impact |
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| Review prior to use of the template for disclosures and accurate calculations |
| | | Limiting use of advisor entered data including not allowing manually adding prices or historical prices, the calculation of account or portfolio level Portfolio for accounts or portfolios with positions that do not have prices, changing Portfolio reporting methods, |
| | | General Supervision e.g. Review of Reports in Correspondence Files and require OSJs to certify advisors are following procedures when creating these reports |
| | | Not allowing the use of advisor created Custom Home-Grown Solutions for consolidated reporting |
| | | Limit usage of 3rd Party Systems to preapproved vendors |
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| On a scale from 1 to 5 with 1 being very unlikely and 5 being very likely, how likely are you to continue using your 3rd Party or Home Grown Custom solution if you were charged a monthly fee by LPL’s Compliance?
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| On a scale from 1 to 5, with 1 being very unfavorable and 5 being very favorable how favorable do you think would it be if you were charged a minimum of $100 per reporting system per year due to a mandate requiring a yearly fee for offices using a custom home grown solution or a 3rd party solution?
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