They must file the lengthy and highly specific Form ADV document with the SEC and state-level agencies. And that's just one aspect of the many strategic decisions.
State regulators accused LPL Financial, Edward Jones, Stifel, RBC and TD Ameritrade of charging their clients unreasonably high and unfair commissions on 1.12 million equity trades over a five-year period.
Industry experts say there's theoretically no reason why firms can't keep getting bigger through recruiting deals. But a lack of good M&A prospects could make growth harder for LPL and other independent broker-dealers.
Laura Sullivan stands accused of accessing confidential customer data and violating a nonsolicitation agreement by bringing along at least 15 client households.
A softening stance from the Trump administration could lead to a rise in the availability of cryptocurrency investments in 401(k)s. While some plan sponsors are considering crypto, they emphasize that investor demand will play a significant role in their decisions.
With concerns about compliance and client connections, some financial advisors find that double-checking AI can negate the time savings they're hoping for.
