News, Vision & Voice for the Advisory Community


LPL's biggest rep, Ron Carson, will convert his firm to an independent RIA

The big IBD is staying in the picture but Carson is also forming its own broker-dealer; Schwab, TD Ameritrade get assets

Monday, May 2, 2011 – 1:14 PM by Brooke Southall
no description available
Ron Carson: We want to continue to stay ahead of the competition and this required a move to our own RIA.

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Mentioned in this article:

LPL Financial
Asset Custodian
Top Executive: Dan Arnold

Carson Group
Consulting Firm
Top Executive: Ron Carson

Stephen Winks

Stephen Winks

May 2, 2011 — 6:14 PM

In Ron Carson’s having become an independent RIA, he has just made a most profound statement about the future direction of the industry. There is a significant difference between broker support for advisory services and fiduciary standing which in part revolves around the ongoing fiduciary duty of care (expert fiduciary standard of care) and loyalty (management of conflicts of interest, not just disclosure which perpetuates conflicts) to clients which he cites.

The brokerage industry has here-to-fore not acknowledged or supported fiduciary standing of its brokers thus none of the necessary enabling resources that would make advice safe, scalable and easy to execute are In place. In July, one of the industry’s largest global financial services firms is will introduce the elements of an authenticated prudent processes tied to statutory documentation that definitively makes expert advice safe, the technology that supports continuous comprehensive counsel and transparency in cost and compensation necessary for fiduciary standing, work flow management tied to a functional division of labor (adviser, CAO, CIO) which makes advice scalable and easy to execute, conflict of interest management (not just disclosure which perpetuates conflicts) that assures the client’s best interests are being served. This entails the reporting function Ron Carson cites which supports the ongoing fiduciary duty of care and loyalty presently not supported by the brokerage and custody industry’s.

It is top advisers like Ron Carson, who inform their b/ds and custodians of the support they require, that will greatly elevate the role and counsel of all advisers so they can literally act in the client’s best interest.

Ron Carson is performing an invaluable industry service in advocating modernity in advisory services and in doing so Ron is literally an industry leading adviser.


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