LPL Financial lets go of David Reich to pull its crucial $135-billion 401(k) division into a central service and branding sphere

LPL is just to first in a vanguard of firms to get the message in the new fiduciary construct that the industry's focus is moving away from product to a unifying prudent process (asset/liability study, investment policy, portfolio construction, performance monitor, etc., authenticated back to statutory duties) necessary for professional standing in rendering advice. Products are fungible. The by product is streamlining cost and an unprecedented level of investment and administrative counsel which is appropriate for every investor/market segment. The skill is in managing the unifying process. The expert management of the full range of investment and administrative values for an unlimited number of individualized accounts is achieved by machine learning algorithms in each client's best interest in accord to client preference. Wall Street is fighting this shift in focus yet it is indisputably in the client's best interest. This is because it requires the broker to be accountable for ever recommendation the broker has ever made and requires advanced technology which outdates expensive conventional (commission) brokerage infrastructure. Dan Arnold is on the verge of empowering its advisors with a preemptive value proposition at far lower cost to the consumer without affecting advisor compensation. SCW