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December 07, 2018 at 03:35 PM
When Ron Carson drops the mic, people pay attention.
The head of the Carson Group says he will end his registration with the Financial Industry Regulatory Authority this year and work on buying up commission-based assets from the nearly 90 firms in its network that want to follow him.
The popular advisor laid out his plans during this week’s MarketCounsel Summit in Las Vegas, when he spoke with Wealthmanagment.com.
“This is a milestone for Ron Carson,” said Tim Welsh, head of the consultancy Nexus Strategy, in an an interview just after the MarketCounsel event.
“He is one of the No. 1 trainers for financial advisors. And when one of the leading trainers says ‘it’s time,’ that sends a powerful message to the industry: FINRA’s days are numbered,” explained Welsh. “FINRA is still losing BDs. No one is starting them. It’s not happening.”
(In general, FINRA regulates broker-dealers and their registered representatives, while the SEC supervises RIAs.)
Overall, the move is logical for Carson and the group he leads, which includes technology, marketing and other operations centered on financial planning and not commissions. “They’re working with a wealth management proposition, not just stock trading,” Welsh said.
This business approach is why Carson’s decision to end his individual registration and to support others doing so “makes sense,” Welsh says. “He has put his stake in the ground and is betting on it, so he might as well go all the way.”
New World
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