Deals & People December 11, 2009

Harrington Exits LPL

Bruce Harrington, LPL Financial's SVP of retirement solutions, has left the broker/dealer.

Reported by

Harrington joined in September of last year (see “Harrington’s In For Retirement at LPL”).

While at LPL, Harrington expanded the offerings to LPL’s independent retirement plan-focused advisers. The company formed the Retirement Plan Consulting Group at LPL, which introduced the Retirement Plus Program to its financial advisers. The program offers an array of retirement plan products, as well as recordkeeping and plan administration services through CPI Qualified Plan Consultants, Guardian Retirement Services, ING, and The Principal Financial Group (see “LPL Expands Services for FAs in Retirement Plan Space“).

“It continues to be business as usual at the retirement solutions group, which remains fully focused on serving LPL financial advisers with their retirement space needs,” LPL spokesman Joseph Kuo told PLANADVISER, while making no comment about who would take over for Harrington.

Before joining LPL, Harrington was managing director at Cogent Research, a Cambridge, Massachusetts-based a market research and consulting firm, after serving eight years as vice president and director of product development and marketing for MFS Investment Management.

Products December 11, 2009

Schwab Launches Additional Low-Cost ETFs

Charles Schwab Investment Management, Inc., has launched two more of its exchange-traded funds (ETFs) with low operating expense ratios and commission-free online trading in Schwab accounts.

Reported by

The Schwab U.S. Large-Cap Growth ETF (SCHG) and the Schwab U.S. Large-Cap Value ETF (SCHV) began trading today. Last month, Schwab launched other low-cost ETFs: U.S. Broad Market (SCHB), U.S. Large-Cap (SCHX), U.S. Small-Cap (SCHA), and International Equity (SCHF) (see “Schwab Unveils 8 ETFs”).

The new ETFs have expense ratios of 0.15%, and like the first four funds, can be bought and sold commission-free online in Schwab accounts.

Commission-free online trading of Schwab ETFs is available to individual investors at Schwab, to independent investment advisers who use Schwab’s custodial services, and through Schwab retirement accounts that permit trading of ETFs.

Two additional Schwab ETFs, covering emerging markets and international small-cap equity, are expected to be launched in January 2010, the company said.

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