Lockwood Financial is reportedly planning to leverage its new ties to the Bank of New York to roll out a fund supermarket for advisors in 2003. The firm reportedly hopes to create a platform that is competitive to the Schwab OneSource program for advisors.

Len Reinhart, CEO of Lockwood could not be reached over the holidays for comment on the firm's plans. An industry report, though, says that the firm expects to roll out the platform in the first quarter with roughly 300 funds.

The firm will use BoNY to clear the transactions on the platform. BoNY purchased Lockwood in August of this year. The firms expect the relationship to allow Lockwood to provide the service at fees competitive to those of other platforms.  

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