An accountant with a New York accounting firm that handles smaller broker-dealers is warning advisors who work at such firms that if their employer is a clearing organization, they should pay attention to how well it is planning for a continuation of business under new rule changes being mulled by the Securities and Exchange Commission.
And if their organization is thinking of getting out of the clearing business and becoming a so-called introducing firm, advisors there should make sure management is carefully planning now to ensure the transition is a smooth one.
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