The old Latin expression, “Nemo iudex in causa sua,” aptly expresses the skepticism with which one must assess one’s own reputation–”No one can judge in their own case.”
It’s far better to ask the competition to judge which of their counterparts they deem best.
Investment Advisor has for many years asked the voters in its annual Broker/Dealer of the Year balloting this very question when it came to independent B/Ds: “If you were to affiliate with another broker/dealer other than your own, which would it be?”
Preliminary results from the 2008 voting show that LPL is again at the top of the heap among reps affiliated with other B/Ds. Of the nearly 5,000 votes cast, most declined to answer the question. But of the more than 1,300 voters who did, LPL was far and away the most mentioned. The reasons cited were across the board, including “payout and technology,” but most often included a mention of the firm’s “great reputation,” and “name recognition.”