Advisor Group Launches New DOL-Compliant Platform
Advisor Group, one of the nation’s largest broker-dealer networks, made several changes to its investment platform in a move that the company said will give a “competitive advantage” to its 5,000 advisors.
“We are making a major investment in our advisors’ futures because we believe in their potential for growth when provided with the right platform, tools and pricing to serve the unique needs of all clients. We are squarely in their corner, standing behind them every step of the way,” said Advisor Group president & CEO, Jamie Price.
Advisor Group’s said that its new platform strategy includes continuing to support commission-based business with improved pricing on its brokerage platform and reduced fees and charges on its advisory platform.
The network also introduced a new advisory product, the Genesis Series, that gives clients access to institutional strategists such as Vanguard, American Funds and iShares at lower minimums powered by Envestnet PMC research.
Advisor Group also introduced a new mutual fund only, no-transaction fee platform for commission accounts which eliminates IRA custody and transaction fees to allow advisors and clients to more easily consolidate household assets onto the brokerage platform, the firm said.
To support rollout of the new DOL-compliant solutions and platform, the firm is launching a digital education platform that will enable advisors to attend virtual conferences including events with live speakers, breakout sessions and peer-to-peer group discussions. The forums will be recorded, searchable and available online 24/7 on any device.
Additionally, the firm will be launching a DOL/regulatory hotline and Wikipedia-like microsite to give advisors access to real-time information.
“Our job as a dedicated partner has always been to equip advisors with the products, technology and tools they need to meet their clients’ needs and grow their businesses,” said Advisor Group executive chairman Valerie Brown. “We believe our platform enhancements not only offer benefits to advisors’ clients, but also give advisors a clear competitive edge. Looking at the sheer potential that lies ahead for our advisors and our firm, I can’t think of a more exciting time to be in this industry.”
To coincide with the platform announcement, Advisor Group kicked off a 19-city roadshow titled The Future is Now in Cambridge, Massachusetts yesterday, where newly appointed president and CEO, Jamie Price, executive chairman Valerie Brown, and other executives intend to meet with 70 percent of the firm’s advisors to share the specifics of the platform strategy.
Advisor Group, comprised of SagePoint Financial, FSC Securities Corporation, Woodbury Financial and Royal Alliance, oversees approximately $160 billion in client assets.
