TD Ameritrade Institutional
FINRA underestimates SRO costs: Boston Consulting GroupPosted by RJ and Makay on May 11, 2012 |
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Boston Consulting Group (BCG) issued a report that was released by advisory groups yesterday that refutes the Financial Industry Regulatory Authority’s (FINRA) cost estimates for the role it wants as the self-regulatory organization (SRO) for advisors. The BCG review, sponsored by several advisory associations and TD Ameritrade Institutional, says that FINRA’s April 25 cost estimate underestimates overhead costs and overestimates advisor examiner productivity.
TD Ameritrade announced yesterday that Tom Bradley would replace John Bunch as the company’s new president of retail distribution. Tom Nally, a 12-year veteran of Bradley’s RIA management team, will take over for Bradley as head of TD Ameritrade Institutional. Bunch, who has been with the company since 2004, resigned his position to take a top leadership role at an investment advisory firm.
A recent survey of more than 500 registered investment advisors found that 73% of them had won more clients in the last six months, a 7% increase from a year earlier. Only 5% of RIAs reported fewer clients, compared to 8% last year. Clients opting out of traditional full-commission brokerages are providing most of their new business, continuing the trend of the past few years.
