Despite the platform’s boasts, what it is launching is not any different than other custodians, and advisors shouldn’t be threatened, industry observers say.
Commissioner Caroline Crenshaw said the other commissioners were hoping “to let someone else do their dirty work.” Acting Chair Mark Uyeda said the move ended the agency’s involvement in “the defense of the costly and unnecessarily intrusive” rule.
John Peluso, who led the creation of Wells Fargo’s RIA fee-only advisor program, is spearheading Thurston Springer’s exchange, which includes discounts in areas such as marketing and succession planning.
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