by Kathleen M. McBride and featured in Investment Advisor
What a remarkable time these last few years have been for independent broker/dealers.The markets have recovered from a bubble, a crash, a grinding bear market, investment industry scandals, and corporate debacles. An aging population has realized that big corporate—or public—pension plans are, in many cases, gone or at least eviscerated, and that they generally are on their own, saving and investing for a long retirement.
Tremendous wealth has been created. Scads of investors have realized that they want need—advice about managing their money, whether from a local independent advisor or a representative of a wirehouse, bank, or insurance company.
Many of the challenges broker/dealers face are client-driven. Even many of the regulatory issues are,