Merrill Lynch veteran to shepherd Southwest expansion at $1B-AUM LPL firm

I’m reminded of something once said by Upton Sinclair, that “it is difficult to get a man to understand something when his job depends on not understanding it.” Another way to say this to any advisor is, “What advice would you give if your compensation had absolutely nothing to do with it?” Having been in the brokerage world for 22 years prior to joining an independent RIA three years ago, I understand the challenges and restrictions in that world. Those who desire to break free of these challenges and restrictions and operate as true fiduciaries with their clients have an option – they can leave that environment and enter a new relationship with their clients as an independent RIA. Many brokers are unwilling to do this, for whatever the reason – usually that they don’t want to bother with the business aspects of being independent. I can understand the dilemma. Well, now there are several viable RIA business models that can help them achieve independence while also shouldering most if not all of the burden of keeping the advisory shop open and operating. Anyone who’s truly interested and motivated to change can simply plug and play. With these options available, what’s the next excuse going to be?

These comments are the opinion of the writer and not necessarily those of Burns Advisory Group, an SEC Registered Investment Advisor.