Joe Duran explains United Capital's 100% revenue growth to $100 million since 2012 and the firm's complex plan to grow faster

In principle Joe Duran is correct, only RIAs have a shot of mega firm status going forward. Broker/dealers by definition do not acknowledge brokers render advice nor the ongoing fiduciary duties required of advisors to act in the consumers best interest. Essentially, b/ds are not responsible for every recommendation every broker has made, like advisors must.
Thus, if a financial services professional wants to gain control over their value proposition, cost structure, margins and professional standing, it can only be achieved as an RIA which acknowledges fiduciary standing to the fullest extent possible as required by statute. Very few firms meet this test, but those that do promise to be very large at the expense of those firms that do not. The issue should be, why isn’t every advisory services firm required to fulfill their fiduciary duty on behalf of its clients and its advisors who serve them? This is required by statute of every advisor. Why are retail investors in the most need of assistance singled out for lesser consumer protections than all other investors?

The free market is the solution. There has never been an instance since Adam Smith introduced the “invisible hand” in 1776 that in a free market that the consumers best interest has not been served. Let the consumer decide whether they prefer the consumer’s best interest to be served vs the broker/dealers best interest being served. The question then turns on whether Joe Duran affords an authentic free market fiduciary solution vs the counter argument.

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