Small Independent B/Ds Stand To Lose A Lot Under DOL Rule
December 6, 2016 by Cyril Tuohy
Small independent broker/dealers (IBDs) want nothing more than to see the Department of Labor’s fiduciary rule repealed, and from their perspective, it’s not hard to see why. IBDs stand to lose an estimated $4 billion in revenue over the next four years because of the rule.
That’s according to Peter Chiang, a principal at the consulting firm A.T. Kearney. Chiang is the co-author of an October report on the economic reverberations of the fiduciary rule on different distribution channels.
“For smaller independent broker-dealer folks, they’re paralyzed and saying, ‘Frankly, I don’t know what to do. Where do I even start? I don’t have the money to comply,’” Chiang said.
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