Retail brokers have a $22 trillion opportunity ahead of them.
That’s according to a note out of Morgan Stanley initiating coverage on Charles Schwab, E*Trade, Ameritrade and LPL Financial.
The brokerage industry is starting to charge for financial advice as it faces regulatory burdens and other industry pressures.
The Department of Labor’s fiduciary rule was passed earlier this year. The new regulation prevents financial advisers from putting their own financial interests – earning high commissions and fees – over their own customers’ interests.
That will push full-service brokers to start charging for advice, according to Morgan Stanley, which will in turn create an opening read more >>>