It’s pretty clear by now that a fiduciary standard in one form or another is coming to Wall Street.
But many savvy advisors decided a long time ago where the regulatory puck was heading and reshaped their businesses accordingly. Some steps they are taking:
First, they’re focusing on larger fee-based relationships.
Second, they’re trimming the price tags on their services – a major driver behind the rapid growth in advisor ETF use. (According to one study, close to 80% of advisors use or recommend ETFs, up from 40% in 2006.)
And, third, they are credentialing up with an alphabet soup of professional tags: CFP, CIMA, AIF, CPWA, CRPC, CRPC, CPWA and QPFC, among others
Here’s a link to our article in ThinkAdvisor.
