Bowing to coming industry regulation, LPL Financial LLC is eliminating independent representatives' ability to act as their own supervisors and hitting those 2,200 one-person shops with a fee increase.
It is the latest restructuring of compliance and oversight at LPL, the largest independen
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'Our department’s Reg BI-related disciplinary actions have been increasing,' noted a senior Finra executive.
'The wealth managers have been unbelievably supportive through all of this,' said Bryant Riley, the firm's chair and co-CEO.
The use of unmonitored messaging apps by financial advisors has been on the rise in the wake of the Covid-19 pandemic.
'Does Osaic really need these redundancies in management,' asked one industry executive.
'The advisor wants to get out of the business at 65 or 70 but clients will live to be around till 90,' says one banker.
