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November 07, 2017 at 09:24 AM
LPL Financial says it will drop and simplify costs associated with its corporate RIA platform, referred to as the Strategic Asset Management or SAM offering, next year.
According to a memo received by LPL’s 14,000-plus advisors, the firm will reimburse those who custody $50 million to $100 million in assets — “resulting in a flat 5 basis-point administrative fee on all of their SAM assets.”
Advisors with over $100 million in custodied advisory assets will (via reimbursement) pay 3 basis points on SAM assets for the independent broker-dealer’s administrative services.
“These changes make the administrative and compliance services LPL provides through our corporate RIA platform more valuable than ever,” according to Andy Kalbaugh, national sales director and author of Monday’s memo.
Going forward, the IBD says it will “continue to simplify our billing process by directly charging flat basis point amounts on advisor asset levels.”
Tough Times
