To best describe one of the major differences I've experienced personally between the broker approach and the RIA approach, I'd like to take you back several years to one of my earliest encounters in the business. During my first couple of days with a major wirehouse firm, my manager walked me around and introduced me to the other brokers. He said, "Mike, everyone here will help you when you need it. Just ask." I remember being introduced to one particular broker who was described as a million-dollar producer. The introduction was cordial enough but when I went back to him a week or so later, he informed me that it wasn't in his interest to make me into a superstar. He wasn't being ugly, he just made it clear that this was a competitive place and I was the competition. In the wirehouse world I've found this attitude is fairly common. On the other hand, almost without exception I've found that RIAs are much more willing to help a fellow RIA.
Access complimentary resources from Cambridge Investments to help navigate the fiduciary rule changes.
If you’re thinking of changing broker-dealers, you owe it to yourself to read this article that covers all major aspects of the transition process.
This White Paper outlines the immediate actions firms can take to correct outdated and costly supervision procedures.
Sep 27, 2016
Some broker-dealers have already decided to exit certain lines of business and are sizing up how the rule will impact their IT and compliance budgets....
Sep 20, 2016
This webcast will review the key aspects of the amendments and the steps that funds and intermediaries can take in order to comply with the...
Sep 13, 2016
Nationwide is providing a deeper look into the rule’s implications and a discussion of decisions firms will need to make in order to comply.