Cerulli Associates posted an article today that is sure to enrage some RIAs. It's pretty brave and honest and deserves attention.
"Traditionally during Cerulli’s research, the registered investment advisor (Cerulli's post on WealthManagement.com, entitled Holier Than Thou. "That’s thanks to the fiduciary responsibility they assume over their end investors’ portfolios, which has led to surging asset marketshare and client growth. However, an issue has emerged as a growing pain in this dynamic sector that must be addressed in order to avoid litigation and negative press, which is so often associated with their broker/dealer counterparts.") channel receives positive coverage," says
Holier than thou RIAs would be wise to clean up their own untidy little ethical issues because RIAs are likely to come under increased scrutiny as regulators try to implement Dodd Frank in the months ahead.