Being on the side of the argument that says you do not have to act in the best interests of your client is laughable.
Here are some ramifications the new rule may have on adviser movement in the industry.
If the firm's executives expected trainees to work long hours without being compensated for their overtime, then they deserved to lose the lawsuit.
Wirehouse recently claimed it typically retains 40%-50% of client assets after an adviser leaves.
Policies and procedures which, when layered upon already onerous rules and regulations, fail to recognize advisers' years of experience and wisdom.
The question of who 'owns' the client becomes key as firms seek to 'marry' younger advisers to their older colleagues.
Cross-selling may sound like a good idea, but lousy service can send customers packing
