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The partnership with White Oak Investment Management comes several weeks after LPL purchased the broker/dealer business of Waddell & Reed for $300 million.
Speaking at the Consumer Federation of America's Financial Services Conference, the commissioner also said more Reg BI data is needed to gauge its effectiveness, but a strong fiduciary standard was critical.
The center will be offering nearly $500,000 across 100 scholarships, 48 of which are new. That is a record number since the program was started in 2016.
An administrative order from the SEC alleged clients at a Nebraska-based broker had their assets placed in higher-cost mutual fund share classes when lower-cost options were available.