Tom Corra, the chief operating officer for Fidelity Clearing and Custody Solutions, agrees that the rule presents complex challenges for the financial industry, but believes that most financial firms will be able to implement systems, particularly for account opening procedures, to ease the transition for advisors into compliance.
“The best firms are going to utilize the coming of this rule both to comply and to potentially adapt their business to compete in what may be a much different environment moving forward,” Corra says. “They’re going to find a combination of processes and technology that will ensure that compliance doesn’t add a tremendous amount of cost to the way they do business today.”