I may be opening up an old wound here, and if I am, I hope you'll forgive me. But I find myself wondering about all the ways that the interests of a broker-dealer differ from the interests of its affiliated advisors.  I've never seen this explored anywhere.

For instance? To take a simple example, the BD incentive is for all of its advisors to bring in as much business as possible; volume means incremental extra revenues.  But for the advisory firm, the business needs to be profitable.  Taking on a lot of small high-maintenance clients is not a great business model.  And many advisors want to run lifestyle practices, growing to a certain size and then focusing on client service.

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