TD Ameritrade

The deal would consolidate an industry under pressure from a price war.

The LPL Financial advisor is using his new influence to help firms create policies to prevent sexual harassment.

The discount brokerage sees the move as a way to attract younger, less affluent investors.

Strategies may include building out RIA channels and cash sweep programs in efforts to make up for revenue declines.

“We all agree a conflict could arise in the future,” Schweiss says. “There are ways of potentially dealing with that.”

By slashing fees, custodians are also eliminating special ETF platforms they had spent the past five years building out.

The advisor advocate’s’ term, to begin in 2021, also will focus on increasing FPA membership.

As custodial pricing continues to fall, it’s still unclear where firms will make up the the money — but analysts and advisors agree other custodians will follow suit.

Other custodians are skeptical that financial planners want the tool in the first place.

Hiring choices are having a ripple effect on compensation.