Founder @Blueleaf | Startup advisor | http://About.Me/JohnPrendergast Another cool John Prendergast-- http://bit.ly/q4DHCe
But eliminating commissions will cost the financial services industry about $2.4B/year. So how will these firms cover that shortfall?
“Unbiased advice” will no longer be a differentiator for you. Large firms (with big marketing budgets) will use the DOL’s rule as an opportunity to reposition themselves through advertising.
Consequence? Large firms will be competing harder than ever for your future clients with improved offerings that will sound like your practice.