Summary: For many, 2011 will be remembered as the year the broker-dealer model cracked. Scores of independent firms shut down, unable to keep up with rising legal and compliance expenses. Dozens were simply buried under the cost of lawsuits from clients who bought suspect private investments when the market was roaring in the middle of the last decade.
 We have very high quality of earnings, with very high levels of recurring revenues and much less volatility than other financial services companies,” said Robert Moore, chief financial officer of LPL.Everyone will draw their own conclusions, but I consider the independent-broker-dealer channel severely flawed and question the sustainability of many of the players in the space.” Ric Edelman, Edelman Financial Group, Inc. |
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