Economy

The president's signature tax law allows a long-standing business deduction for the cost of food provided to employees to expire.

Schwab, Fidelity and Pershing are facing growing competition, as the industry strives to do business with financial advisors in as many ways as possible.

LPL says its elimination of positions at Atria Wealth Solutions was always part of its plan to acquire the firm, drawing a sharp distinction with what it's doing with Commonwealth Financial Network.

Patrick Funke & Associates' decision to join Commonwealth Financial Network suggests that despite its pending purchase by LPL, Commonwealth still appeals to advisors seeking a smaller setting.

Jamie Price of Osaic says attrition at his firm was below expectations during its recent internal consolidation of nine separate brokerages and that not having a self-clearing and self-custody business is an advantage these days.

An advisory panel has recommended changes that would bring arbitration rules for RIAs into line with those now governing FINRA proceedings for broker-dealers. The proposal still has to get through the SEC.

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.

Investor advocates and others worry that recent changes to who can serve on FINRA panels will exclude arbitrators most likely to be sympathetic to ordinary investors.

The decision comes as a victory for FINRA in a series of legal assaults meant to undercut the authority of self-regulatory organizations.