What It All Means
June 1, 2016
Dan Jamieson’s article explores the impact of the DOL’s final fiduciary rule, noting, “…it may not be the death knell of small broker-dealers, but no one in the industry thinks it will help the little guys (defined by Finra as those with fewer than 150 reps), who are already struggling from regulatory and cost pressures.
Recruiters say some of their prospects are leaning toward bigger firms, which are seen as better able to cope with the new regulation. “A lot of reps now definitely want a $100 million [in revenues] or larger B-D,” says recruiter Jon Henschen, of Henschen & Associates.
Read the full article on Financial Advisor.