Why exactly a $2.2 billion RIA hybrid abruptly dumped LPL for Securities America -- and Schwab, Fidelity and TD Ameritrade

An interesting division of labor is emerging in the fiduciary environment in the support of expert advisory services... Custodians must manage trade execution as a cost center in the client's best interest as required of prudent experts and product menus must be retooled to minimize cost and to access real time client holdings data to assure continuous, comprehensive counsel of fiduciary duty. The role of the advisors which goes unaddressed by b/bs and custodians is to advance a prudent process (asset/liability study, investment policy, portfolio construction, performance monitor) authenticated back to objective, non-negotiable fiduciary criteria required by statute which assures professional standing in advisory services. The b/d, custodian or RIA which supports prudent process and assumes fiduciary liability and provides large scale institutionalized support for fiduciary standing will become market leaders based on merit. We have yet to see how this will play out, but RIAs will a high percentage of fee revenues will likely emerge as market leaders. Wealth Plan Advisors will be in this group of potential market leaders as independent thinking is required. SCW