Summary: Many advisors have been evaluating their broker-dealer relationships in light of the new requirements the DOL will impose. Big firms like LPL Financial and Raymond James are changing their payout formulas in response to the rule and others are likely to follow
 While implementation was up in the air, “some firms slowed down the work they were doing” for DOL compliance, and some advisors “also slowed down their search efforts, until they got greater clarity.”Bill Morrissey, managing director of business development, LPL Financial |
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