LPL Shares Details on New Mutual Fund-Only Accounts
August 12, 2016 By Janet Levaux, ThinkAdvisor The new accounts deliver 'cost benefits of direct business but with the ability to supervise that comes with LPL custody,' the firm says. LPL Financial is sharing details with its affiliated independent financial advisors about the new mutual fund-only brokerage account it expects to roll out in the first quarter of 2017. The firm says that new type of account “delivers cost benefits of direct business but with the ability to supervise that comes with LPL custody,” according to a statement: It will have no IRA custodial fees or trading costs, should have an upload charge of 3 to 3.5% with a trail payment and is set to include a selection of products offered by mutual fund families. LPL adds that it is “working with sponsors on potential...