Independent broker-dealers and their financial advisers have become a welcome addition to the financial community - at least for the customers that they serve. With less bureaucracy, and more independence for the adviser, clients have been enjoying the benefits of this business model for years.
That is not to say there are not issues for these firms. Most independent firms rely on the assistance of their in-house staffs as well as outside counsel such as my firm, for unique issues that arise, and in insuring that regulators understand the unique issues facing these firms.
Larry Roth, the President of Cetera, a network of independent firms, has offered his thoughts on the future of the independent firm.
For independent broker-dealers and financial advisers to successfully connect with investors over the next 10 years, we need to fundamentally rethink the industry's approach to scale in a way that balances the competitive imperatives and economic realities of today's independent financial advice landscape with the personal elements — the connections between broker-dealers and advisers, as well as those between advisers and their clients — that make this such a great business in the first place.
Larry Roth: Defining the next 10 years for independent broker-dealers
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The attorneys at Sallah Astarita & Cox represent independent firms and traditional broker-dealers across the country, as well as their individual advisers, in regulatory, compliance and litigation matters. i For more information, and to see how we can help you and your firm, contact Mark Astarita at 212-509-6544 or email us.
