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The program allows retiring advisors and their junior brokers to work out their own financial arrangements during the first two years of the five-year program.

“A great win for the middle class," a proponent says, as others note the changes already occurring at planning firms.

The advisor often feels as if the bank's viewpoint is this: “Thanks for bringing us a revenue stream, now leave and be thankful we even gave you a job.”

Voices: The fiduciary rule is not complicated. If you don’t want the responsibility of being an advisor, don’t call yourself an advisor or imply you are one.

Since 2012, Bats jumped ahead of Nasdaq to become the second-biggest operator of U.S. stock exchanges and got into currency trading, the world's biggest asset class.