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As wirehouses battle to retain control of their channel and maximize profits, expect more advisors to vote with their feet in search of freedom and flexibility.
“There is nothing those people were doing that anybody could characterize as good faith compliance with the parts of the rule that went into effect in June," said Phyllis Borzi, former assistant secretary of labor.
While the freedom and flexibility of the independent space is attractive to many, it’s the long-term economic potential that’s the real draw for entrepreneurial-minded advisors.