Pershing Rolls Out Lower-Minimum Advice Platform, Designed To Help Advisors Comply with the DOL Rule
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Commentary on ThinkAdvisor article by Melanie Waddell
Pershing wants to make it easier for advisors to comply with the Department of Labor’s fiduciary rule, introducing a new platform geared at mass-affluent investors that provides access to mutual funds and exchange-traded funds, ThinkAdvisor writes.
Helping Advisors Become Fee-Based
The company has rolled out Lockwood WealthStart Portfolios, open to investors with at least $10,000, offering mutual fund and ETF strategies in risk-based portfolios from several providers, according to the publication.
Joel Hempel, Lockwood’s chief operating officer, said that this focus could help advisors make the move from commission-based to fee-based advice, ThinkAdvisor writes.
The new offering will be accessible to advisors through the managed account platforms on both Pershing and Lockwood, according to the publication.
