BOSTON – With the advisory business changing rapidly amid a cascade of low-fee competition, industry giant LPL Financial is going robo and lowering its prices.
The nation’s largest independent broker-dealer will launch a robo advisor pilot program by the end of September. Two fees will be eliminated immediately for advisors participating in the program and for all LPL advisors by early 2016: the strategist fee charged for all LPL Research models in Model Wealth Portfolios and the IRA maintenance fee on both the MWP and Optimum Market Portfolios advisory platforms.
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