Ten questions for Tom Nally as he gets going filling Tom Bradley's shoes

Wonderful opportunity to live and manage through a transformational period of innovation that reorders the industry around the consumer’s best interest and fiduciary standing.

Whether FINRA is the advice SRO or not, every custodian must address the deepening divide between brokerage where there is no accountability or ongoing responsibility for recommendations and advisors who are accountable and responsible. This could not be a better time to differentiate brokerage and custodial services in support of expert authenticated fiduciary counsel.

The singular challenge broker/dealers and custodians face is can they manage trade execution cost as a cost center on behalf of the consumer in the consumer’s best interest in support of fiduciary standing. If fee for service should not emerge in support for fiduciary standing, then structurally an RIA is required to actually enable fiduciary standing for advisors so their fiduciary duties can be fulfilled.

Will broker/dealers and custodians create RIA affiliates in support of fiduciary standing, or will a new generation of large scale, institutionalized support for fiduciary standing become a seperate stand alone business.

Custodians will have a lot to say, which can accelerate innovation in support of fiduciary standing.

SCW