Small broker-dealers will continue to face strong head winds in 2013, and dozens will shut down, seek a merger partner or abandon the transaction-oriented style used by securities houses to become registered investment advisers that charge fees rather than commissions.
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Independent broker-dealers continued to close or be acquired in 2012 in the persistent fallout from the private-placement scandal, and as the industry coped with profit pressures from volatile markets and low interest rates.
Given the generally positive outlook for the industry in 2013, it could remain difficult for firms hoping to grow by attracting new advisers.
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Mary Beth Franklin, InvestmentNews