Fiduciary Rule Impact:Will RIAs Still Have A Competitive Advantage Over Wirehouse Advisors?

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RIAs have long been able to portray themselves as consultative fiduciaries in contrast to product-pushing, sales guys at wirehouses and other large brokerages. But the DOL’s new fiduciary rule means that both RIAs and wirehouse advisors will be recognized as fiduciaries on retirement accounts. And in my view, soon enough, wirehouse advisors will be recognized as fiduciaries on all their accounts. If that’s the eventual outcome, it leaves one to wonder how are RIAs going to distinguish themselves from the wirehouse guys? Read my On Wall Street article to see how this is likely to play out.

Photo: Simon Whitaker

 

About Mark Elzweig

I am an executive search recruiter with an inside track on financial advisors, the asset management industry, and Wall Street. My work has appeared in numerous publications including On Wall Street,AdvisorOne, and Fund Fire. Journalists regularly seek me out, so you catch my bon mots in The Wall Street Journal, Research Magazine, Reuters, and more. You can follow me on Twitter @elzweig or you can reach me directly at 212-685-7070 or elzweig@elzweig.com.
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