The Malvern, Pa., company said it will offer independent investment advisers mutual fund wrap products, registered no-load hedge funds, a supermarket of mutual funds, passive fixed-income products and mortgage services in addition to separately managed accounts.
Christopher W. Tomecek, president of Lockwood, said his company decided to enhance its wealth platform to meet demand from advisers.
"Right now we are an exception business," Tomecek said. "Advisers turn to us on the exception when their customers need a managed account. But not many independent financial advisers have an average household size of over $1 million. Advisers like the way we do business; we are just too far upstream. Hopefully, this platform will give us the opportunity to discuss their smaller book of business."
Tomecek said the average household served by a financial adviser has $285,000 of assets. "We want to help financial advisers position themselves with this platform," he said. "We want to help them shore up their base of business. We want to insure that when investors have a major wealth event they turn to us."
The enhanced platform would let Lockwood be more than just a managed account provider, Tomecek said. Lockwood, which was opened in 1996, manages $6.5 billion of assets through 1,800 advisers nationwide. Tomecek said these advisers manage clients whose assets range from $100,000 to $245 million.
