25 Years ago in Registered Rep.

Although everybody is saying, Well, discounting is just a couple of small firms and it doesn't really affect us, I suspect that it's to become a bigger factor with the passing of time[The rep] is either going to perform a full service for his clients and take a very active role, not just take orders, or he is going to find himself pushed out of the marketplace. Tolman Geffs, then RR publisher.

“Although everybody is saying, ‘Well, discounting is just a couple of small firms and it doesn't really affect us,’ I suspect that it's to become a bigger factor with the passing of time…[The rep] is either going to perform a full service for his clients and take a very active role, not just take orders, or he is going to find himself pushed out of the marketplace.”
— Tolman Geffs, then RR publisher.

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