Considering jump to LPL, but I feel these seem a bit proprietary. Are these "fund of funds" or activeley managed funds?
Also, what would be the benefit of a advisory OMP account?
They are actively managed mutual funds run by outside money managers using LPL research.
There are a fair number of advisors who feel they have a proprietary sorta feel, I think.
I don't see how OMP having a "proprietary" feel would keep a person from going with LPL. I've received zero pressure to use OMP. There are plenty of other products to use for clients. OMP is simply a package to simplify the management of fee based clients, and is probably a good for for smaller accounts that an advisor might otherwise take a pass on. I've yet to use OMP, but someday when the dust settles a bit for me, I'm going to take a hard look at it. I personally don't see the proprietary thing to the degree that Joe does, since OMP is missing one key proprietary ingredient...proprietary funds. At the same time, I'm just not yet convinced that OMP uses the absolute best choices and would like to get a better feel for how the funds are chosen before I jump in and use it. Joe, since you've probably done more due diligence on OMP than I, would you mind sharing your impressions of the program (and why it feels proprietary to you) with the rest of us? I promise to reciprocate when I get time to take a hard look at it.
Also, Dudley, for what it's worth, I think Joe & I would agree that LPL is a pretty good B/D for independents (even those of us with rather modest production). I'm coming up on my first anniversary and have very few complaints...they're for the most part, a very high quality operation, and a huge step up from what I was used to.
The funds are chosen using LPL research, essentially by LPL research staff. LPL is paid for this.
While I have been told that the funds are open to other b/d's, to my knowledge the only people putting money in the funds are LPL advisers.
Seems proprietary to me. No pressure, for the most part true. But plenty of propaganda coming in the mail.
Expenses are pretty high,too.
Having said that, I'm extremely happy with LPL overall.