Commission accounts could be preferable for some clients, and advisers could be incentivized to move from employee broker-dealers to independent channels.
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Private equity backing could fuel acquisitions by the large RIA.
While advisers face the difficult task of analyzing the law's impact, they will also have a significant opportunity to prove their value by implementing money-saving strategies for clients as well as their own businesses.
The provision is tricky, but could provide advisers and business-owner clients with sizable tax savings.
Measures would obligate financial advisers to tell clients they do not have to act in their best interests.
Texting has been a popular mode of communication for years, but in the past the firm's regulations have prevented advisers from using it.