In a survey of more than 1,000 investment professionals by Fidelity Investments, 56% said they prefer the independent model to that of major brokerages. However, the cost of complying with regulations prevents many brokers and advisers from becoming independent. "The independence trend is firmly in place," said Sanjiv Mirchandani, president of Fidelity's National Financial unit. "It might accelerate going forward. There's a secular trend from people going from wirehouses to independent broker-dealers or registered investment advisers."
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