New Capability for Managing Trading Activity Across Multiple Client Portfolios Designed to Save Time, Improve Advisor Efficiency
ET&R Latest in a Series of Recent Technology Platform Improvements at LPL Financial
SAN DIEGO, Aug. 19, 2013 (GLOBE NEWSWIRE) -- LPL Financial LLC, the nation's largest independent broker-dealer, a leading RIA custodian, and a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), today announced the rollout of its Enhanced Trading and Rebalancing (ET&R) platform for financial advisors. The new ET&R platform enables advisors to potentially save a significant amount of time each day by simultaneously managing portfolio trading activity across multiple client accounts.
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 $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.
The 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 $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.
"It used to take me hours to do block trades when I needed to rebalance portfolios or add new positions. Now it literally takes less than five minutes. It is super robust and the ramp up time is minimal," said Advisor Michael Sicuranza, CFP with Milestone Wealth Advisors from Greenville, Delaware. "This is a huge step forward in terms of how we manage our clients' assets, and enables more efficient and accurate account portfolio rebalancing. The additional time we've saved through this new tool has been productively redeployed toward client-facing activities, which directly supports the continued strong growth of our firm."
Statements in this press release, including certain statements regarding future technology enhancements and releases, improvements to the services offered to advisors and institutions, and other matters by LPL Financial LLC (the "Company"), as well as any other statements that are not purely historical, constitute forward-looking statements. These forward-looking statements are based on the Company's expectations as of August 19, 2013. Forward-looking statements are not guarantees and should not be regarded as a representation by the Company. Important factors that could cause or contribute to such differences include: the Company's success in developing and implementing its technology transformation plans and initiatives, the Company's success in attracting and retaining information technology personnel; effects of competition in the financial services industry; changes in the number of the Company's financial advisors and institutions, and their ability to market effectively financial products and services; the Company's success in negotiating agreements with current or additional technology vendors; the effect of current, pending and future legislation, regulation and regulatory actions; and the other factors set forth in the LPL Financial Holdings Inc. Annual Report on Form 10-K for the period ended December 31, 2012 and subsequent filings with the Securities and Exchange Commission. Except as required by law, the Company specifically disclaims any obligation to update any forward-looking statements whether as a result of new information, future developments or otherwise, even if the Company's expectations change, and you should not rely on those statements as representing the Company's view as of any date subsequent to August 19, 2013.
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (Nasdaq:LPLA), is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine, June 1996-2013), a top RIA custodian,* and a leading independent consultant to retirement plans. LPL Financial offers proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 13,400 financial advisors and approximately 700 financial institutions. In addition, LPL Financial supports more than 4,600 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms and technology solutions. LPL Financial and its affiliates have approximately 3,000 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Securities and Advisory Services offered through LPL Financial. A Registered Investment Advisor, Member FINRA/SIPC
*Cerulli Associates: RIA Service Agent Survey Q1 2013
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