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. “It seems puzzling that a firm would roll out major changes to its platform in response to the DOL's fiduciary rule [when...
