“There aren’t many combination opportunities left, so about six or seven months ago we recommitted ourselves to recruiting and got more aggressive in recruiting,” says Michael Purpura, president of D.A. Davidson Wealth Management.
If you’re a broker-dealer, you must be compliant with SEC Rule 17a-4. Make sure you know the regulations for Electronic Storage Media (ESM), and why it’s necessary to work with a Designated Third Party (D3P) to safeguard your electronic records.
By requiring brokers to look out for clients’ best interests, the SEC is effectively requiring them to give financial advice, which distinguishes them from online brokers and should let them keep charging clients premium fees.