Loyalty. It's a hot topic when you're talking about investor-clients and their loyalty to their financial advisors. But it's also a real issue for the large, elite brokerage firms who are fighting to keep their advisors in their current seats.

Arthur Levitt, the former chairman of the Securities and Exchange Commission (and former chairman of the American Stock Exchange), was on Bloomberg radio this morning discussing the dispute over the valuation of the merged Morgan Stanley Smith Barney and how it may be adversely affecting the firm's advisor force. The big brokerage houses have a huge problem, he says. The clients are loyal to the advisor and not really to the firm.

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