LPL makes big advance into the RIA business with Fortigent acquisition
The kingpin of product-based mass affluent advice now has a major beachhead with high-net-worth investors
Stephen Winks
LPL and Fortigent may be the firm from which emerges large scale institutionalized support for fiduciary standing.
LPL can advance the alternatives: (1) you can be a broker who is neither accountable nor responsible for your recommendations of expensive investment products where it is not possible for you or your clients to know whether you add value and it is not possible to act in the consumer’s best interest as it protects you and your broker/dealer from fiduciary liability or, (2) you can be an advisor who is both accountable and accountable to a high professional standard in the client’s best interest and through access to expert enabling resources you provide an unprecedented level of expert investment and administrative counsel at a lower cost than the commission sale of expensive packaged products.
LPL can actualize the modernity mantra of faster (real time), better (fiduciary standing in the client’s best interest) and cheaper (innovations in portfolio construction: overlay management) long overdue in the financial services industry.
100% of consumers prefer unconflicted superior advice in the client’s best interest at a lower cost than outdated commission sales.
Genius !
SCW
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