Advisers Rate Indie Broker Dealers
Commonwealth wins, Cambridge second, RJ third...
Good for Cambridge Investment Research and Commonwealth and the others who received good marks. Seems more and more surveys are taking place these days. What I've seen as a trend (in my eyes only perhaps) is that a good number of Registered Reps are affiliating also (or exploring the possibility) of joining small B/D's many of which are unknown. I believe the total number of B/D firms today in the U.S. total nearly 5,000 -- that is a lot of choices!
Some might follow the herd and others might be looking for their own trail. As long as your happy, regardless of where you land, to me, thats the most important decision after all. I say "congrats" to all broker-dealers, large and small, who treat their Advisors as business owner clients. The biggest gripe I have with the less than admirable B/D firms are the ones that do not disclose all of their costs of doing business to the potential advisor from the get go, instead of hiding it in some large manual (page 123, paragraph 2, section A, subset G in 5 point font)!!
Advisors are running a business and as such, they need to know their TOTAL COSTS of doing business from the get go as opposed to being surprised when they see a commission statement. Now, if all B/D's did this -- we'd all be winners!
I think you are going to continue to see consolidation in the B/D world because of increase costs (compliance etc)..