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eMoney form inspires Fidelity function in NYC that serves up a familiar menu with fine garnish

Philip Palaveev, not for the first time, kept Fidelity’s Inside Track conference as sparkly as its ballroom

Author Tanvi Acharya October 27, 2016 at 7:44 PM
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Right to left: Karen Barr; Joel Bruckenstein; Beverly Flaxington; Brian Hamburger, Philip Palaveev, David Canter.


Stwephen Winks

Stwephen Winks

October 27, 2016 — 10:44 PM
The talent consideration (finding/developing the best talent) emphasized in this article is entirely different for small RIAs and our largest b/ds. For RIAs talent takes the form of client origination/sales, not process and technology development (required for innovation, outside of the current support provided by b/ds and custodians) as scale and capital resources of individual RIAs are very limited. For b/ds the best talent is that which does not challenge the conventional business model essential for innovation which would upset status quo. B/ds are not known for their technological development nor for advancing prudent process that outdates conventional brokerage.. This will be reversed by firms like UBS which joint ventures with Amazon to create a new advisory services infrastructure outside of its transactions culture. Fidelity is doing something similar, though not sufficient for advisors to establish their professional standing and technical competency in advisory services.. The reality is an entirely new set of rules is emerging for all who render advice. The idea that firms can straddle the line between transactions and service for a fee is untenable as it will be tested by litigation as fiduciary liability against an expert standard will drive the industry toward fee services, even with the BIC Exemption. The best interest of the investing public will prevail eliminating uncertainty. Firms squarely behind expert fiduciary standing will win massive market share. As April 10th gets closer, there will be little doubt how things will evolve. My bet is on the investors best interest and the professional standing of the advisor. Everything else is a futile attempt to ignore the new reality of an entirely new set of rules for all who render advice. SCW

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Mentioned in this article:

MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger

Technology Tools for Today
Consulting Firm
Top Executive: Joel Bruckenstein

The Ensemble Practice LLC
Consulting Firm
Top Executive: Philip Palaveev

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