Independent advisors

The country’s sixth-largest IBD is shifting its management ranks in a change prompted by the fiduciary rule.

The nation’s largest independent broker-dealer has had a net loss of 121 advisors this year, mostly to three major OSJs.

The IBD spent $77 million on technology upgrades in 2016.

Dan Arnold says behavioral management, automation and portfolio and planning services need to be combined to win future clients.

CEO Dan Arnold said advisers’ uncertainty about the fiduciary rule is waning.

The new executive will lead a team counseling advisers on how to comply with the DOL rule.

Firms still rely heavily on commission income despite drops last year.

The four advisers joined the more than 500 lost by the wirehouse in the last nine months.

The two advisers bolted in a quarter that saw their ex-firm lose 130 advisers.

The engine of future growth for the top independent broker-dealers is likely to be fees.