QOTD: Game Over for Broker Commissions
Courtesy of Joshua M Brown
There will be a natural slow death of commission-based brokerage business where advice is also being given,” said Bharat Sawhney, a managing director focused on wealth and investment management at consulting firm Gartland & Mellina Group. “I think a lot of firms will fall into the camp of trying to make commission accounts unattractive with higher minimums or less products available.”
Consumer preference and advisor choice got us most of the way. Legislation is running the ball the rest of the way into the end zone.
It was all easily foreseen.
