LPL, Edward Jones Pre-DOL Rule Shifts: Smart Moves or Overreaction?
March 7, 2016
By Janet Levaux, ThinkAdvisor
Industry watchers share their views on the merits and drawbacks of such an approach by several broker-dealers
The financial-services industry is holding its breath in anticipation of the Department of Labor’s new fiduciary standard. A couple players, though, have chosen to exhale and roll out pre-emptive programs.
LPL Financial (LPLA) announced Wednesday that it would cut prices and account minimums and launch a fund-only brokerage IRA option. And Edward Jones says it is in the pilot stage of a program to let clients with just $5,000 “get guided support.”
Do such moves make sense? Industry recruiters and consultants have mixed feelings, though at least one consumer group is pleased.