By Tobias Salinger, Financial Planning
No one wants to be a broker anymore.
The unsavory image of stockpickers peddling shares for hefty commissions still hovers over the $39 billion independent brokerage industry. It’s partly why wealth managers that own both brokerages and registered investment advisors — the counterpoint to brokers, because they operate under the highest industry standard of client care — boast that they derive a shrinking portion of their business from brokerage operations. Advisory firms that wear both hats sometimes object to being called “broker-dealers,” even though that is their technical classification under regulatory rules. It takes a brave soul to go out in public wearing a scarlet-tinged “B” these days.
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