LPL Financial has launched a new account opening tool that aims to cut down the average time it takes an advisor to open a new account.

The dually registered broker-dealer and RIA says the ClientWorks tool, New Account Opening 2.0, will cut the average client onboarding time from nine to four minutes. The firm says that could create hours of efficiencies gains each month.

The ClientWorks tool simplifies the account opening process, with 30% fewer fields to complete, forms pre-populated with data already in the system and an “intuitive design that makes the process easier to navigate,” LPL says.

The firm claims that “fewer clicks, increased data accuracy and a simplified workflow” will save advisors “a significant amount of time that could be reinvested in efforts to enhance value with their clients and support their business growth.”

Burt White, LPL Financial managing director for investor and investment solutions, says the new tool is a result of “closely examining” the workflows of advisors and “continuously seeking” their input and feedback.

“In this case, by being able to reduce the average time to open a new account from nine minutes to four minutes, it implies more than 6,000 hours of monthly productivity created across all LPL advisors and staff. That’s impactful,” White says in a statement.

LPL says the new tool also provides “greater transparency” in monitoring new account opening activities.

The new tool will also offer integration with the internal and external systems advisors use, including eSignature and LPL’s proposal generation tool powered by AdvisoryWorld, according to LPL. That will provide advisors with an end-to-end workflow of the account opening process, the firm adds.

“It is simple enough for advisors to open new accounts without having to involve our client service specialists,” LPL advisor John Shrewsbury, who participated in the new tool’s pilot program, says in a statement.

“This will allow us to redefine what our specialists spend time on. It will also help client engagement after the sale to skyrocket, because the client service specialist will have time to spend with them rather than push paper,” he adds.