FINRA Says Brokerage Fee An Undisclosed Commission


The cost of doing business on Wall Street explains why the total number of FINRA member firms has plummed in recent years.  If you ask the former and present members of FINRA's small-firm community to cite the costs that typically press heavily upon them, they frequently complain about regulatory fees; excessive fines; the costs of non-production staff (typically back-office compliance and processing); and the lack of leverage in negotiating reasonable clearing fees. At first, some brokerage firms resort to cost-cutting, but there's only so many folks you can lay off before you just can't keep up with the paperwork. When the competitive landscape prevents smaller firms from passing rising costs on to their customers, it's often a death sentence.  For better or worse, for the ...
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