LPL Financial, an independent broker-dealer and RIA custodian in the US, has launched its Enhanced Trading and Rebalancing (ET&R) platform for financial advisors.
The new ET&R platform enables advisors to potentially save a significant amount time each day by simultaneously managing portfolio trading activity across multiple client accounts.
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The Enhanced Trading and Rebalancing platform is fully integrated with LPL Financial’s custodial systems and enables advisors to perform a range of trading and rebalancing activities on a daily basis for any number of client portfolios and accounts.
The result for advisors is a significant time savings and reduced workload, as well as assignment of average prices for all securities included in large-scale, block trades or rebalancing activities. Supported investment instruments include equities, mutual funds, ETFs, options and fixed income.
The new ET&R platform will be immediately available to all LPL Financial advisors on the company’s Strategic Asset Management (SAM) and Strategic Wealth Management (SWM) fee-based platforms, which represent more than US$100 billion of fee-based assets under management.
The company expects that the new ET&R platform will also be available to LPL Financial brokerage accounts within the next 12 months.
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By GlobalDataThe Rebalancing platform will be made available at an extremely competitive price point versus comparable third-party rebalancing offerings, with no cost to LPL Financial advisors through June 30th, 2014, and then priced at US$150 per month thereafter.
This pricing model is further beneficial to advisors because the fee will only apply to those users within an advisor’s practice who execute trades through the rebalancing platform – greatly reducing the expense for advisors who work as a team.
"Introducing the Enhanced Trading and Rebalancing platform has been one of LPL Financial’s top priorities, and is representative of the strides we have made in advancing the company’s overall technology strategy," said LPL Financial managing director and chief information officer Victor Fetter.
"We are directly addressing what our advisors have told us they need and want in order to continue to grow their businesses and serve their clients. By implementing new development practices and working in conjunction with advisors to pilot this release, we have introduced successive improvements to the platform at a greater velocity this year, while strengthening our responsiveness to advisors’ ideas and feedback."
Initially rolled out in beta and pilot trials earlier in the year, then to a larger group of approximately 300 top producers, the new ET&R platform has garnered high praise from its early adopters.
