LPL to Expand No-Fee ETFs

LPL Financial is expanding its exchange-traded note product offerings with no transaction fees by adding ETFs from First Trust and Global X in an effort to help advisors lower their costs during the ongoing coronavirus crisis, LPL disclosed Thursday.

“It’s been a challenging few weeks as we all navigate one of the most volatile time periods in more than a decade,” Robert Pettman, executive vice president-Investor and Investment Solutions at LPL, told advisors in a note.

LPL realizes that having access to a wide variety of competitive products is crucial to an advisor’s business at times like these, particularly as clients’ needs keep changing and trading volume remains high, he said.

“One of the best ways we can help you is by leveraging our scale to continue to drive down your costs,” he told advisors, adding: “As part of this approach, we’re expanding our network of products available with no transaction fees by adding two leading providers” of ETFs.

Starting Monday, advisors will be able to access the new offerings on LPL’s Strategic Asset Management and Strategic Wealth Management platforms, he said.