Ask Brad: Are Broker/Dealers Dead?

This is the latest installment of a regular column to answer questions from advisors who are considering transitioning to an RIA model. To see Brad’s previous articles, click here. To submit your question, please email Brad here.

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Elon Musk is the planet’s leading proponent of “driverless cars.” But for all his forward-thinking genius, it’s surprising he would ever utter that phrase.

After all, how silly is it that early automobiles were called “horseless carriages?”

Or consider the last time you used a “wireless phone.”

The day will assuredly come that we travel in “cars” that coincidentally have no driver.

Why then do we still refer to so many firms in the advisory profession as broker/dealers?

We have wirehouse broker/dealers, regional broker/dealers, independent broker/dealers.