Oct. 27, 2022
October 27, 2022 This is onerous and burdensome and adds no value to clients. It may actually be an overreach of your legal authority on the Advisors Act and should be challenged in court immediately. We would look to sell and the disruption to our clients would be 10 to 20x any issue of using 3rd party providers has ever caused anyone. I'd spend the focus on the constant violations at the wirehouses. I also respectfully think its ludicrous to enact onerous regulation that serves NO benefit, when RIA's already have this fiduciary duty in vendor selection. This will cause such a major disruption and consolidation to the industry which by the way is VERY negative for the consumer. The aggregators are joke in service and expertise and are all owned by private equity that care nothing of the client but only scale and profits, so this will def. help drive their profits, if that's not your mission I'd rethink this.