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The Labor Department's fiduciary rule, unveiled in April, is
affecting the broker recruitment efforts of many large banks.
Morgan Stanley says it will immediately pull its incentive-laden
back-end portions of the recruitment packages it offers to
prospective brokers from rivals in order to eliminate potential
conflicts under the rule. Meanwhile, competitors including Merrill
Lynch and Wells Fargo are considering doing the same. The changes
could result in more brokers becoming independent financial
advisers by launching their own registered investment advisory
firms, the Wall Street Journal reports.
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