As complexity in the financial advice business goes, there is nothing quite like the infamous custody rule, which includes a gauntlet of trigger points that can deem a registered investment adviser as having custody.
According to SEC filings, about a third of registered investment advisers acknowledge custody status for at least some of their clients. But, due to the widespread confusion around what qualifies as custody, the belief is that the number of RIAs with custody is much higher.
Click through to see 9 surprising causes.
(Source: IAA, SEC, Schwab, TD Ameritrade, Fidelity)