Independent broker-dealer LPL Financial LLC has added three third-party portfolio management firms to its Model Wealth Portfolios (MWP) platform.
LPL has also lowered account minimums for participation in the platform to $25,000, down from $100,000 when the platform was launched.
The changes will expand the platform's flexibility and accessibility, while enabling LPL Financial advisors to create a greater range of customized portfolio solutions, according to LPL.
MWP is a fee-based platform that offers advisors theme-based investment portfolios that use a range of mutual funds and ETFs, according to the company.
The three new firms on the platform are: AlphaSimplex Group, which offers risk efficient portfolios; J.P. Morgan Asset Management, which offers global asset allocation, tax sensitive and absolute return portfolios; and Morningstar Investment Services, which offers mutual fund and ETF managed portfolios, including tax-conscious mutual fund options and an absolute return model.
BlackRock has also added a tactical mutual fund portfolio to the platform, and LPL has added its Absolute Return Diversified Plus, Tactical Opportunities Diversified Plus and Strategic Exchange-Traded Product portfolios.
-Jim McConville