LPL Financial Services has partnered with Fiduciary360 in a program under which LPL-affiliated advisors who wish to provide consulting services to retirement plan sponsors must first earn fi360′s Accredited Investment Fiduciary designation.
…Two major California wealth management firms–Kochis Fitz of San Francisco and Quintile Wealth Management of Los Angeles–say they will merge their two firms.
…Fidelity Institutional Wealth Services reported that total client assets under administration reached a record $325 billion, up more than 50% from the prior year. Fidelity’s client assets have increased at a compound annual growth rate of 40% over the past five years. Fidelity Institutional Wealth Services also reported a record $28 billion in net new client assets in the third quarter, and has realized $65 billion in net new client assets year-to-date.
…Aperio Group, LLC introduced of a new suite of customized socially responsible index portfolios.
…Rydex Investments has launched six ExpressShares ETFs, which provide leveraged and inverse exposure to the S&P 500, S&P MidCap 400, and Russell 2000 indexes.
…Envestnet Asset Management has launched a new Unified Managed Account (UMA) product offering that enables advisors to provide a range of investment portfolios with asset allocations chosen to reflect the clients’ return expectations and desired risk profile. Investment options include separate accounts, mutual funds, ETFs, and alternative investments, all combined under a single account registration. The UMA is open to investors with a minimum initial account investment of $150,000.