LPL’s highly publicized outsourcing effort will cost the company between $70 million and $75 million over the next three years, but will result in annualized operational savings of $30 million to $35 million beginning in 2015, according to Dan Arnold, its chief financial officer.
LPL, the country’s largest independent- broker-dealer. will look for “better, faster and cheaper” ways to outsource back-office and non-customer facing jobs to “drive operational efficiencies,” Arnold said while delivering LPL’s presentation to the Citi 2013 U.S. Financial Services Conference in Boston Tuesday.
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