LPL Financial announced Wednesday that its Model Wealth Portfolios platform was awarded the Advisory Solutions Product of the Year by the Money Management Institute, a lobbying organization for the separate account industry.
According to LPL Financial, the award is granted to "the firm that launched the most innovative advisory platform that contributed to the growth of the industry." This year, LPL Financial was selected out of 30 nominees, all of which in turn participated in the selection process.
First launched in 2008, the company says the MWP platform is one of three LPL Financial fee-based platforms for advisors, and offers investment portfolios tailored to a range of investor preferences including risk aware, income generation and tax conscious investing.
“We congratulate LPL Financial on their receipt of the Advisory Solutions Product of the Year,” Christopher Davis, president of Money Management Institute, said in a statement. “Advisory platform innovation that directly supports greater efficiency in asset management is central to the continued growth of our industry. We are proud to support and recognize the leading companies who are building the top platforms in this space.”
According to the company, Model Wealth Portfolios has become one of their fastest growing fee-based platforms. In part as a result, advisory assets as of the end of the first quarter of 2011 were $99.7 billion, an increase of 23.1% from $81 billion of advisory assets from a year-ago. Total advisory and brokerage assets as of the end of the first quarter of 2011 were $330.1 billion.
The company says the MWP platform also offers financial advisors discretionary control over all aspects of portfolio model construction and the management process, as well as greater efficiency in how they operate their practices through an asset oversight versus day-to-day asset management approach.
“We are grateful to Money Management Institute for their recognition of our MWP platform,” John Moninger, executive vice president of advisory and brokerage consulting services at LPL Financial, said in a statement. “The role this platform has played in the industry is due to the collaborative approach of our asset management partners, and our advisors, who have helped drive the ideas around its development. Our receipt of this award reflects the combination of scale-driven platform innovation and advisor focus that we emphasize as an organization.”