Many advisors’ businesses are suffering, as the coronavirus and its adverse impacts on the market continue to wreak havoc. Independent broker/dealer LPL Financial is hoping to ease some of advisors’ costs, eliminating transaction fees on exchange traded funds from First Trust and Global X within the firm’s Strategic Asset Management and Strategic Wealth Management platforms.
“It’s been a challenging few weeks as we all navigate one of the most volatile time periods in more than a decade,” said Robert Pettman, LPL's executive vice president of investor and investment solutions, in a note to advisors. “We recognize that having access to a broad range of competitive products is important to your business at times like these, especially as your clients’ needs are changing and trading volume remains high. One of the best ways we can help you is by leveraging our scale to continue to drive down your costs.”
The firm launched its zero-transaction-fee mutual fund platform in 2018. In December, the firm announced that its advisors would be able to trade ETFs for free in advisory accounts, starting with funds from State Street, Invesco and WisdomTree.
The latest additions provide access to actively managed products, thematic growth, income and international ETFs and brings the total ETFs on the no-fee platform to 600.