Clearing and custody heavyweight Pershing announced Monday that it will offer new mutual funds and exchange-traded funds (ETF) that will “help registered reps navigate the Department of Labor’s fiduciary rule requirements.”
Pershing’s new Lockwood WealthStar Portfolios mutual funds and ETFs, along with new funds provided by third-parties, have a minimum balance of $10,000.
“These flexible mutual fund and ETF solutions demonstrate our ongoing commitment to providing financial professionals with the tools they need to navigate the evolving regulatory landscape and grow their business,” Joel Hempel, chief operating officer of Pershing subsidiary Lockwood, said in a statement. “They may also assist registered reps who are considering a transition from a commission-based brokerage model to fee-based advisory relationships.”
The new offering is fully integrated into Pershing’s flagship NetX360 professional platform, and advisors can access them through Lockwood’s turnkey managed account solution, Managed360 or by using Pershing’s managed investments platform.
“Emerging and mass-affluent investors can now have greater access to professionally managed investment solutions,” Hempel added. “These investors represent a large, often underserved market. By offering a suite of diversified risk-based portfolios to this segment, advisors and registered reps can serve new clients and take advantage of cross-generational opportunities.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
