LPL Financial says it has lowered the investment minimum in its Optimum Market Portfolios platform to $1,000 from $10,000.
The LPL advisory platform currently includes six multi-manager funds from more than 10 subadvisors and institutional money managers. Launched in 2003, OMP had $9.2 billion in assets under management as of June 30.
"As the industry continues to shift from brokerage to advisory, it is important to have advisory opportunities for all types of investors," said Rob Pettman, LPL's head of Wealth Management Solutions, in a statement.
"Based on advisor feedback, this enhancement in OMP provides an advisory option for those with smaller amounts to invest, with the added benefit of professionally managed portfolios and access to institutional money managers," Pettman added.
According to LPL, OMP "makes it easy" for both beginning and affluent investors to "understand and track their portfolio, while also providing depth through the requirement of at least two subadvisors for added diversification.
