Thomas Butch is stepping down, and COO Shawn Mihal is filling the void.
Smaller shops have benefited from the broker protocol at the expense of larger firms like UBS, experts say
The illiquid product's three-year decline is partially due to new regulations and poor performance.
The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.
New research finds advisers whose firms have joined the agreement take better care of customers.
Also ask firms to pay for the administration of the protocol to 'ensure its longevity and relevance.'
Next year, some clients will see higher annual fees unless they have $2 million in assets and liabilities across accounts, or alter their accounts to gain fee waivers.
Public Investors Arbitration Bar Association report slams self-regulator over its picks for board of governors.
Decline in the number of new individuals or teams with $100 million or more in assets comes after best recruiting year ever in 2016.
Firm has seen a net gain of 11 advisory teams and $4.25 billion in client assets in the year through September.
