LPL Financial has cut its managed-account minimum to $1,000 from $10,000. The reduction applies to the firm’s Optimum Market Portfolios, which offer investment research and professional money management.
LPL said the move was made so that advisers would be able “to offer advisory services to a larger range of clients.”
The LPL advisory platform consists of six multi-manager funds, featuring more than 10 subadvisers and institutional money managers.
OMP was launched in 2003, and has $9.2 billion in assets under management, the firm said in a release.
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