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DOL rule could increase home office discretion

As firms seek to lower their risk from the DOL rule, executives at managed account firms are looking for ways to limit the discretion of advisors.

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As firms seek to lower their risk from the DOL rule, executives at managed account firms are looking for ways to limit the discretion of advisors. (Photo: Shutterstock)

A new Cerulli report says that firms adding compliance and monitoring capabilities to their rep-as-portfolio-manager platforms are making the unpleasant discovery that a significant number of advisors “do a poor job of steering client assets.”

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