By Mindy Diamond – As of November 11 of this year, the long expected SEC approved FINRA Rule 2273 (Educational Communication Related to Recruitment Practices and Account Transfers) will take effect. This pronouncement will make it mandatory for an advisor who changes firms to explain to his clients the benefits they would experience in transferring their assets to the new firm, as well as the possible negatives, including “direct costs that might be incurred”.
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