“Today, I don’t consider us to be disruptive, I consider us to be handling a different type of client segment,” Bradley said.
Technological change has driven change in the investing and financial industries for decades, starting with the ticker-tape and moving to the green-screen Quotron to today’s online trading.
“Just because most transactions are now done electronically doesn’t mean that people have been eliminated from the scene,” Bradley said. “Many thought that we were going to put full-service firms out of business, but that hasn’t happened.”
For both men, the Department of Labor’s fiduciary rule seemed like an afterthought. “If we have any concerns, they’re the same as when the rule first came out: that this is going to limit investor choice and our ability to work with them,” Bradley said. “We’re going to get through this, the critical thing is doing what’s right for our clients.”
Reilly didn’t address the rule specifically, but argued that advisors especially are overregulated.
“We’re not taking a stand on the DOL rule until we understand it,” Reilly said. “Our no. 1 goal is to make sure that we respond in a way that’s best for clients… the problem is that it’s crazy, there are more and more rules, and so our processes and procedures continue to grow.”