Capital Is King, Says Acquisition-Hungry Advisor Group CEO Hot

In fact Roth says that the industry is too undercapitalized to cope with compliance costs, not to mention soaring product liabilities as private placements, untraded REITs, and other once-hot vehicles implode.

This will mean more small broker-dealer closures -- and more consolidation among the survivors, Roth says.

Good piece over at Registered Rep.

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