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March 31, 2022 at 02:04 PM
LPL Financial said Thursday that all affiliated financial advisors can now access separately managed account strategies as an investment option within its Model Wealth Portfolios platform, which now has abou $83 billion in assets.
The firm says this development means advisors can build a unified managed account that combines SMA strategies with their own models or models from third-party money managers — bringing ETFs, mutual funds and SMA strategies into one client account.
The news comes about eight months after LPL explained at its Focus 2021 advisor conference that it was testing SMAs via a pilot program.
“Advisors gain access to SMA strategies with the efficiency of a UMA, offering greater choice and flexibility and the ability to design portfolios that are tailored to each individual client’s need,” according to Rob Pettman, LPL’s head of Wealth Management Solutions.
