Traditional firms that have moved advisors aggressively to fee-based accounts are battling the unintended consequence of lower account growth.
Opponents as well as critics of the original rule lament the ongoing uncertainty.
Edward Jones reverses hard stop on commission-based retirement fund sales while DOL Secretary Acosta presses ahead on possible reworking of Obama administration rule.
LPL clamps 6% lifetime maximum commission on non-traded REIT sales.
Andy Saperstein, co-head of the firm’s Wealth Management unit, said the rule has sped up the move to more profitable fee-based assets.
Industry trade groups and consumer advocates focus on the rule’s enforcement mechanism.
Industry executives from giant firms to midgets say they and their brokers are struggling with what’s to come two weeks before the fiduciary rule becomes effective.
Piwowar says consequences of investor confusion over the meaning of terms such as “financial advisor” are worth further study but not rule-makings any time soon.