Chicago-based Morningstaradvisor.com and the Financial Planning Association (FPA) will partner to offer an online tool designed to help financial advisers select a broker-dealer. The partnership was announced at the FPA's Broker-Dealer conference in Los Angeles this past weekend.
The tool was developed by Morningstaradvisor and contains numerous fields of information supplied by broker-dealers on issues like compensation, payouts, and the types of back-office support that are available. Under the deal, the FPA will offer a "private label" a version of the tool on its own web site.
While the service is free for qualified FPA or MorningstarAdvisor members, broker-dealers must pay an annual subscription rate ranging from $10,000 to $20,000, while the FPA will charge the same firms $1,000 to be listed in their version of the tool. Currently, there are seven firms participating in the tool and another four have signed on. They include: Advantage Capital, First Allied, FSC Securities, Investacorp, LPL Financial, QA3 Financial Corp., Raymond James Financial, Royal Alliance, Securities America, Sentra Spelman and SunAmerica Securities.
For information on this years FPA Broker-Dealer conference, go to: