LPL Financial announced that it is lowering pricing across both its corporate and hybrid advisory RIA platforms in the coming year.
The firm is adding a no-transaction-fee mutual fund network to its Strategic Wealth Management platform, and the company will reduce pricing on its Strategic Asset Management advisory platform.
“These investments to both our corporate and hybrid RIA platforms will help advisors further differentiate their practices by having more choice and flexibility to meet the needs of their clients and their businesses,” Andy Kalbaugh, LPL managing director and divisional president of National Sales and Consulting, said in a statement.
In July, LPL expects to launch the no-transaction-fee network on its Strategic Wealth Management platform, offering a share class of mutual funds from selected mutual fund sponsors. Several companies are currently finalizing agreements for inclusion in the launch, including AB Funds, Columbia Threadneedle, JPMorgan, Legg Mason, MFS, Natixis, John Hancock, Oppenheimer and Putnam. Additional sponsors will be added in waves, according to LPL.
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Next January, the firm expects to extend its reduced pricing to more advisors on its corporate advisory platform. LPL will charge a flat 8 basis-point administrative fee to advisors with $25 million to $50 million in assets custodied on the Strategic Asset Management platform.