DOL Rule Could Push Independent Advisors to Outsource Further
October 25, 2017 by Cyril Tuohy
The Department of Labor’s fiduciary rule could push independent broker/dealer (IBD) advisors to rely more on outsourced IBD home-office portfolios, a new report has found.
Many IBD-affiliated advisors already outsource their portfolio models to an IBD home office or a third-party service.
But concern surrounding advisors’ liability in the face of heightened diligence has broker/dealer firms seeking to refocus advisors on “home-office discretionary programs,” said Kenton Shirk, director of the U.S. intermediary practice at Cerulli Associates.
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