One effect of Ron Carson's exit from LPL after 27 years: His firm disclosed the use of forgivable loans to the SEC

When George Ball introduced recruiting bonuses (Promissory Notes) as an incentive to jump to Prudential Bache in the early 80's he forever changed the industry which once was totally brand loyal. Just when Wall Street tires of recruiting bonuses, independent b/ds join the fray at the most inopportune time when fiduciary duty, advisory services and the client's best interest are on the rise, .and the SEC is frowning on the implications of promissory notes. Carson's principled use of promissory notes for the benefit of his advisors speaks well of him, yet hinders his next move in search for leadership opportunity. Tremendous pressure is placed on Cetera to create a happy home for Carson and his advisors. SCW