Brokerages consider "rep-as-adviser" programs

04/14/2008 | InvestmentNews (free registration)

Brokerage firms are turning to "rep-as-adviser" programs as an alternative to banned fee-based brokerage accounts, according to a report by Cerulli Associates. The programs are nondiscretionary advisory programs that use a wide range of investment types and have different support requirements compared with fee-based brokerages. The accounts existed before a federal appeals court decision in March 2007 outlawed fee-based brokerage accounts.

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