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.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
