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In the News

Dan Arnold is ready to meet ‘zero’ commission challenge — albeit only for RIAs at LPL Financial

Posted by Louis Diamond

October 26, 2019
Louis Diamond Quoted
By Brooke Southall

LPL Financial is going to zig  to Charles Schwab & Co’s zag on zero commissions — by matching the move–but only in its RIA custody unit.

The Fort Mill, S.C., broker-dealer  is “likely…doing something to address” Schwab’s price cut, said Dan Arnold, CEO of LPL Financial in response to a direct question on the matter this week from Alex Blostein, the Goldman Sachs research analyst who covers the big broker-dealer.

Independent broker-dealers like LPL face more pressure than meets the eye with the zeroing of commissions at the big RIA custodians, according to Louis Diamond, principal of Diamond Consultants in New York.

“I expect the race to zero having a fairly outsized impact on all IBDs who still have fairly expensive admin and platform fees relative to the RIA channel,” he says.

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About Louis Diamond

President – Someone who “looks at every angle from a strategic perspective.” Sophisticated advisors and business owners alike learn quickly that they’ve found the right person in Louis when seeking counsel and clarity on growth, career management and the ever-changing industry landscape. Learn more...

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