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Fiduciary Rule Could Create Big Increase in Orphan Brokerage Accounts
The Department of Labor’s proposed fiduciary standard could create a big increase in orphan accounts, which are accounts that end up being managed by home offices rather than by broker-dealers registered reps, says Paul Sankovich, chief compliance officer at Wells Fargo Advisors Financial Network. So reports Wealth Management.
At Wells Fargo, such accounts are handled by the firm’s Solution Center, which services clients through a call center.
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