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Gross, 74, announced his retirement Monday from his post at Janus Henderson Group Plc, the investment firm he joined in late 2014 after suddenly leaving Pacific Investment Management Co. that year.
While the IBD currently provides a way for advisors to drop their brokerage license, the firm is considering a new and improved model for fee-only RIAs.
Bank of America is broadening eligibility for commission-free trades on stocks and exchange-traded funds to more than 5.25 million clients who are enrolled in its Preferred Rewards program.
The independent financial advice channel has grown considerably over the past decade and "if you believe that is a trend, and not a fad, why would we not be doing this?" an executive said.