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July 6, 2010 by Sophie Schmitt

While the full impact of the financial reform bill on the wealth management industry remains unknown, the proposal with the greatest potential impact would establish a uniform fiduciary duty for brokers, dealers, and investment advisors. The reform bill may also indirectly impact the wealth management arm of the largest U.S. banks. The estimated decrease in banking revenues combined with regulatory-related expenses (e.g., FDIC fund contribution) may lead large banks to focus on growing revenues through additional services, potentially in wealth management lines of business.