LPL and 3rd Party FBAM Programs

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May 8, 2007 10:08 am

I use from time to time some 3rd party vendors in the fee based arena for various reasons.  While meeting with one such firm's wholesaler last week, she mentioned that LPL is changing how/who they are allowing their advisors to do business with in these platforms.  She mentioned that they aren't going to allow some or all 3rd party vendors anymore.  I asked how she heard about this and apparently from the Key Accounts people in her firm. 

This is something that will really fire me up as it is one thing that I have been real concerned with in the growth of LPL in that they will force us to use their platforms only.  Has anybody internal/external of LPL heard about this?  I am wondering if it was just her firm getting "kicked out" for reasons outside of how she explained it.

May 8, 2007 12:15 pm

What kind of third party vendor are you using on the SAM platform?

May 8, 2007 1:19 pm

It’s not in SAM…I do business with outside vendors; vendors that are not proprietary platforms of LPL’s; an example would be SEI - whom I don’t use.

May 8, 2007 1:20 pm

I was looking at the Curian platform.  It is a SMA platform that I can use here at LPL. The money is held at Curian.  It shows up as a "Cash Solicitor Participation List" company on BranchNet. This list also includes those Variable Annuity rebalancing companies (which I think are a scam).

There is some extra paperwork, but I haven't heard anything about discontinuing them.

May 8, 2007 10:24 pm

Ask your local Curian wholesaler... they know all about it.