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Lockwood Preparing to Launch MAX to Compete With Mutuals

Jan. 19, 2001 Anticipating growth in individually managed accounts, Lockwood Financial Group has announced that it will launch Managed Account Express (MAX) on Feb. 1, according to the firm. The new program will be offered to independent financial advisers who want to provide managed accounts to clients, says Chris Tomecek, president of Lockwood Advisors in Malvern, Pa. "We want to give advisers a

Jan. 19, 2001 Anticipating growth in individually managed accounts, Lockwood Financial Group has announced that it will launch Managed Account Express (MAX) on Feb. 1, according to the firm.

The new program will be offered to independent financial advisers who want to provide managed accounts to clients, says Chris Tomecek, president of Lockwood Advisors in Malvern, Pa.

"We want to give advisers a chance to experience the dramatic growth we anticipate in this area," he says. He says advisers have asked for a product like this to compete with mutual funds.

According to Tomecek, MAX will use new technologies to provide industrywide access and portability for managed accounts.

"MAX accounts will be portable, and the client brokerage account can be held at any custodian," he says. "We will be able to open multiple managed accounts within one brokerage account, and provide on-demand performance reports."

Lockwood will offer a stable of large-cap, small-mid cap, international and fixed-income portfolios, four lifestyle choices, and six sector portfolios.

"Advisers can mix and match for each client," Tomecek says. Lockwood launched Prism, a $25,000 minimum managed account last year. MAX requires a $50,000 minimum.

MAX is priced at 110 basis points. That includes money manager, custody and Lockwood fees. MAX will pay a distribution fee to participating dealers and RIAs.

MAX will be offered on the Web at www.managedaccountxpress.com on Feb. 1. Access to MAX will also be available through Lockwood’s sites, www.lkwdfncl.com and www.ma-link.com. -- Tom Nelson

Editor's note: For any comments regarding this article, or to suggest a story idea for RR Online or Registered Representative magazine, contact Editor in Chief Dan Jamieson at [email protected], Online Editor Rick Weinberg at [email protected], Online Managing Editor Cheryl Cooper at [email protected] or Senior Editor Michael Hayes at [email protected]

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