Staffing & Culture | 05.08.24
Why B-Ds Are Piling on Advisor Discretion Options
by: Sam Del Rowe
Broker-dealers in recent months have unveiled ways for their advisors to make changes in clients' accounts without needing prior approval, which can reduce friction for advisors and help firms attract and retain talent in a competitive recruiting market. Raymond James recently disclosed that it had added an advisor discretion option to its Portfolio Select UMA program within its employee advisor channel, Raymond James & Associates. Introducing advisor discretion options "is largely a response to the significant growth and migration of advisors to the registered investment advisor (RIA) channel,” according to Van Law, a former president of Raymond James' Investment Advisors division, which is now part of the firm's RIA & Custody Services division. "The primary benefit for firms is allowing them to compete more directly with the RIA Segment in attracting and retaining advisors."
Read the full article on Financial Advisor IQ