News, Vision & Voice for the Advisory Community


LPL Financial clips wings of 20 top fund companies by asserting itself as 'gatekeeper' on newly launched DOL-proof 3.5% flat-commission mutual fund superstore

Using Labor Department as leverage, LPL cuts itself in as middleman between branded fund giants -- including Fidelity, Legg Mason and Putnam -- and its advisors' clients -- in exchange for semi-exclusive shelf space positioning

Author By Lisa Shidler
August 4, 2017 at 10:04 PM
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Robert Pettman: We're essentially setting up a gating mechanism. The cash is going through the money market fund and that’s why it’s traded with waived. load shares.

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Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'

The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.

February 23, 2023 at 8:14 AM

Farther struts its startup magic and shows why a $375-million RIA can be worth $50 million -- by getting four advisors to bring books of business just to be part of the enterprise

The San Francisco firm claimed its software was at another level and now advisors are betting careers on it, though not of the UHNW variety imagined

November 2, 2022 at 3:27 AM

Goldman Sachs fought the squid, but the squid won as CEO David Solomon puts the United Capital-Ayco RIA back under the control of house asset managers

Solomon acknowledges he's largely reunifying wealth management and asset management to regain synergies after trying to give the in-house RIA agency.

November 1, 2022 at 4:03 AM

Goldman Sachs RIA custodian delayed indefinitely, as 'technical details' bedevil launch date

The clock is ticking on the New York City investment bank's strategic imperative to strike while TD Ameritrade and Schwab merge, but Goldman may be facing similar obstacles combining with Folio Institutional.

March 16, 2022 at 2:47 AM

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Mentioned in this article:

LPL Financial
RIA-Friendly Broker-Dealer, RIA Welcoming Breakaways, Advisory Firm
Top Executive: Dan Arnold

Independent Financial Partners
RIA Serving Other RIAs
Top Executive: William Hamm

Stephen Winks

Stephen Winks

August 5, 2017 — 3:27 PM
For advisors who wish to work in a fiduciary construct establishing professional standing in advisory services, mimicking institutional advisors with overlay management, eliminates retail pricing and secures better real time data access. This is a most significant competitive edge in cost and professional standing. SCW
Shelly Gersrd

Shelly Gersrd

August 6, 2017 — 6:51 PM
How does LPL handle the starting investor that is age 23 wants to start a Roth IRA with a mutual Fund company and put $100 a month into it? I've been told that at Edward Jones you cannot do tjis. Must have $5,000 to start. I believe this new DOL hurts the new, young or small investor. Who is looking out for them?
Stephen Winks

Stephen Winks

August 7, 2017 — 2:29 PM
Shelly, The brokerage industry is opposed to fiduciary duty and the professional standing of the broker in advisory services. I would suggest you talk with an RIA like Edelman Financial, CapTrust, Savant Capital, or Evansky, Brown and Katz. that support expert Fiduciary Duty and professional standing in advisory services. SCW


August 8, 2017 — 8:58 AM
Financial specialists can change their states of mind towards chance intermittently. Counsels who meet with speculators as of now working with a free money related organizer should address whether the well being of the financial specialist's decisions is really diminishing his or her chances to expand their portfolio's esteem. <a href="https://www.joinsovereign.com/" rel="nofollow">https://www.joinsovereign.com/</a>
Charles Hendrickson, CFA

Charles Hendrickson, CFA

September 7, 2017 — 2:37 PM
As somebody who works for a fee-only fiduciary RIA, I can't even believe how awful the fee logic is here. Why would any client do business with a Brokerage firm...unless they don't know any better.
Stephen Winks

Stephen Winks

September 7, 2017 — 9:04 PM
The DOL proof assertion does not specifically address the fiduciary duties entailed in the broker acting in a fiduciary capacity, only pricing. As for pricing, the use of "retail" products is still very expensive and does not meet a prudent expert standard for advisory services. LPL is not including fiduciary liability in its calculus when describing its new strategy as DOL proof. SCW


November 9, 2017 — 3:51 PM

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