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Two advisors debate the financial viability of serving as a fiduciary to small accounts amid DOL's new rules

Larry Steinberg expresses big doubts but Jeff McClure sees advisors wedging in like Ace Hardware amid Home Depot and Lowe's

Author Guest debaters Jeff McClure and Larry Steinberg March 30, 2012 at 6:09 AM
no description available
Larry Steinberg: The simple fact is that there is no way to even break even on a $200 per month (contribution) RIA account.

RIA Compliance

Jeff McClure

Jeff McClure

March 30, 2012 — 5:20 PM

Just for the record, despite the lead in, I am not the President of the Steinberg Financial Group. I am the President and Chief Investment Officer of The Personal Wealth Coach®, an SEC registered investment adviser with about $100 million under management, and a CFP® practitioner.

Brooke Southall

Brooke Southall

March 30, 2012 — 5:32 PM

Ugh. Sorry about that, Jeff. I just corrected it.


Jeff McClure

Jeff McClure

March 30, 2012 — 7:01 PM

Ummm, Brooke, I am the President and CIO of an independent RIA and have absolutely no affiliation with any broker-dealer. I do have a contractual relationship with a couple of broker/dealers to hold accounts for my clients, but we are absolutely not a RIA “withing a broker-dealer.”

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Mentioned in this article:

National Association of Personal Finance Advisors
Top Executive: Geof Brown, CAE

Financial Planning Association
Top Executive: Lauren S. Schadle, CAE, Executive Director and CEO

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