At a time when Schwab, Fidelity and other firms have eliminated fees on ETFs, LPL is introducing its own no-transaction-fee ETF network.
LPL will offer more than 450 passive and smart beta funds from State Street Global Advisors, Invesco and WisdomTree on its Strategic Asset Management and Strategic Wealth Management platforms, designed for corporate RIA, hybrid RIA or RIA-only advisors, beginning Friday.
Advisors will “have access to a compelling, competitively priced selection of ETFs to choose from to suit their clients’ needs,” said Rob Pettman, executive vice president, Investor and Investment Solutions, LPL Financial, in a statement.
“We understand the importance of partnering with firms to provide greater ETF accessibility,” said Jarrett Lilien, the president and chief operating officer of WisdomTree, in a statement.
LPL’s move is part of a broader firm strategy to cut prices and increase the value of its platforms. In recent years, it has eliminated IRA custodial fees and cut its overall program fee for Model Wealth Portfolios by roughly one-third, among other fee cuts.