Lockwood Advisors, the separately managed account subsidiary of the Bank of New York, announced Wednesday that it has made a mortgage origination capability available to its adviser clients through its expanded wealth advisory platform.
The newly introduced service is offered through the joint efforts of Lockwood, BNY Mortgage and Alliance Capital Partners. It will allow independent financial advisers to use an online loan application to function as mortgage originators and provide wealth management services to their clients.
"We recognize that the independent financial advisory business is shifting its focus to a comprehensive wealth advisor model," said Christopher W. Tomecek, president of Lockwood. "Our advisers are now looking for help with delivering advice and solutions across the entire spectrum of financial products and services. To meet this need, we are moving beyond our niche product, separately managed accounts, to provide a full suite of financial products and services that will complement the research, client service, business development and technologies available to our clients."
The new mortgage capability is the first product to be launched under the expansion. Additional products include, a mutual fund wrap program, an overlay management product, registered hedge funds and a passive municipal fixed income product.