Fee-based brokerage accounts

Hi, I’m the senior editor at Registered Rep., and I’d like to know what affect the disappearance of the “Merrill Rule” has had on brokers/advisors.



Also, if anyone can shed some light on what the firms have had to go through in order to transition these accounts that would be great. Anyone have to move a substantial number of accounts, assets? How did it go–any embarrasing/akward conversations with clients about why they had to be switched?



Where did the $300 billion that was in these accounts go? If you now have clients in “advisory” accounts, how has your relationship changed? Higher fee, giant disclosure document? Are you now a fiduciary, or is the firm taking on this role? Lastly, what good has this–the disappearance of fee-based brokerage accounts–done for investors/advisors/firms? Thanks for your time.