FINRA attacks Boston Consulting Group over SRO study
BCG sticks to its guns saying that the double-dip cost of SEC oversight makes any FINRA numbers moot
Robinhood gets 'brilliant' upper manager -- and a spare CEO -- by nabbing TD Ameritrade's ex-thinkorswim top exec, hopefully to throw a lifesaver to Robinhood's sinking stock
The Menlo Park, Calif., firm nabbed Steve Quirk as first-ever chief brokerage officer to 'bridge the gap between academia and reality.'
January 6, 2022 – 10:33 PM
Oisín's snippets: Charles Schwab brand goes up on Omaha's TD Ameritrade stadium, home of college baseball world series • Interactive Brokers lands an RIA custody insider, Charlie Latimer, to climb the custodian ladder
The TDA brand lives on until the techies figure out how to make two systems into one, but change is in the air in Omaha, while Interactive Brokers gets a leg up in the custody business with a new hire.
December 27, 2021 – 9:58 PM
Goldman Sachs nabs TD Ameritrade's Darla Sipolt for RIA custody; Kate Healy, Jim Dario and Peter Dorsey are among 1,000 staffers cut by Schwab post TD merger
Included in the wholesale reduction of the Omaha, Neb.-based broker's redundant talent, about 40% of TD Ameritrade's marketing staff also got word today they have no future with their San Francisco-based owner
October 27, 2020 – 1:20 AM
Skip Schweiss exit from TD Ameritrade means the RIA custody business lost its most visible corporate-paid advocate -- for the moment
TD's now ex-managing director of advisor advocacy is set to become the FPA president, but most peers agree the 58-year-old is poised to 'write his ticket' with another custodian or national RIA
August 5, 2020 – 9:33 PM
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Elmer Rich III
It would be interesting to look at case studies and the accounting of costs in other industries and SROs.
Isn’t it interesting that when FINRA is held accountable for cost and effectiveness—they are quick to complain.
In the real world, free market, free enterprise system they may be awakening to the fact that the overhead they have created, its cost and effectiveness, may have lost its relevance by not actively supporting fiduciary standing over the past 70 years in the best interest of the consumer.
To anyone who has followed the debate over brokers having fiduciary responsibility, is there anyone who doesn’t see the brokerage industry as a mess created largely under the 70 year watch of FINRA and its predecessors.
FINRA executives themselves have said, if FINRA is not the SRO for advisors, FINRA looses its relevance. Is there anyone who thinks FINRA is effective or is concerned at all about cost as a federal bureaucracy? They just ask for more money right, unlimited budget, no responsibilities yet top of the market compensation, where the best interest of the industry prevails over that of the consumer. Isn’t this counter to the FINRA mandate? The Boston Consulting Group should dig deeper.
Perhaps we might be witnessing poetic justice, wouldn’t you say?