Broker/Dealer Exception

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Apr 5, 2007 10:48 pm

Still no posts about the court ruling? 


I'd like to hear if it is expected to stand.  If so, are the wirehouses likely to have to trim grids to account for the additional liability?


Don't get me wrong - I think most are probably already acting in the client's best interest regardless, right? 

Apr 9, 2007 1:34 pm

I don't think people know what you are talking about.  Do you mean the ruling that firms own your U5

Apr 9, 2007 2:04 pm

I would guess he's talking about the court overturning the Merrill rule.

Apr 9, 2007 3:35 pm

My understanding is that most broker dealers already have RIA status, so most wrap accounts won't be affected. It is more about having regular meetings with clients, providing advice and service for your wrap fee, and of course disclosure. So then, how are we now different from RIAs - if we don't like to sell insurance and annuities but are affiliated with a b/d? What am I missing?


http://www.investmentnews.com/apps/pbcs.dll/article?AID=/200 70409/FREE/70409001