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Author: rafferty

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LPL Will Launch No-Transaction-Fee Mutual Fund Platform

15:36 27 April in In the News by rafferty

April 26, 2018 By Michael Thrasher, WealthManagement.com The independent broker/dealer is lowering a custody threshold so more advisors can take advantage of a flat-rate administration fee. LPL Financial said Thursday it is going to offer a flat-rate administrative fee to more advisors who use its corporate advisory platform and plans to roll out a no-transaction-fee mutual fund platform this summer. In January of 2019, the independent broker-dealer will reduce the threshold of assets custodied on its Strategic Asset Management (SAM) advisory platform needed for advisors to qualify for a flat administrative fee. Currently, LPL advisors with $50 million in assets or more custodied on the platform pay an administration fee of eight basis points but it is lowering the threshold to $25 million to qualify. Advisors with less that $25 million is assets custodied on...

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Cambridge Advisors Added to LPL’s Hit List

15:52 13 April in In the News by rafferty

April 12 , 2018 By Diana Britton, WealthManagement.com Cambridge has been added to LPL’s list of rival firms where advisors are being offered up to 50 basis points on assets to come on board. LPL Financial is now aggressively targeting advisors at Cambridge Investment Research, offering those advisors the same recruitment deal as those at Cetera Financial, Securities America and Kestra Financial, according to a source familiar with the deal. WealthManagement.com first reported on Tuesday that LPL was offering Cetera, Securities America and Kestra advisors 50 basis points on assets to join its corporate registered investment advisors and 40 basis points on assets to join hybrid offices. “Recruiting efforts across the industry seem to be very competitive, but we find that Cambridge’s written plans, structure, and resolve to be independent is very appealing to...

LPL Woos FAs at Cambridge Investment Research

16:20 12 April in In the News by rafferty

April 12, 2018 By Garrett Keyes, Financial Advisor IQ LPL Financial has made at least one offer to an advisor at Cambridge Investment Research in a bid to poach advisors previously affiliated with the National Planning Holdings, the FA confirms. In August LPL bought NPH’s assets from Jackson National Life for $325 million and has since been enticing advisors within the network to onboard with LPL so that it could hit an onboarding bonus. Anita Ritter, an FA at Cambridge, confirms she was the target of an outreach with the same terms as previous offers to advisors at Cetera Financial, Securities America and Kestra Financial – where many former NPH advisors went after the sale.The offer made to Ritter – and other advisors – is 50 basis points on assets for joining LPL’s RIA...