The recent spate of bad news for four major banks could eventually yield a new crop of breakaway brokers, according to an attorney who specializes in helping wirehouse advisors go the independent route.
“I think this is very reminiscent of 2008 and 2009, when there were regulatory issues and issues with regard to large firms taking TARP money,” said Patrick Burns Jr., a Beverly Hills, Calif.-based attorney who specializes in the ushering advisors through the transition. “There may be a slight difference today, but overall the headwinds are pointing in that direction.”
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