I think you need to consider that oftentimes a huge portion of this commission revenue comes from products / work that may have been put in place 10+ years ago and that the client may be totally orphaned by this point. Most advisers i speak to have had very limited luck converting grandfathered trails into new work. If they have been servicing their ongoing clients regularly the likelihood that they are in a trail paying product is relatively low (old products, poor fee structures and investment options).
I don't believe this is a poor reflection on the adviser. I think the types of clients whom are paying for these grandfathered trails tend to be orphaned because they didn't want an ongoing service initially. I think they tend to be clients that do not require a service and therefore won't be easy to convert.
I think it would be prudent to assume a huge loss of ongoing revenue once this legislation comes into play. Somewhere north of 75% of grandfathered trails being lost would be my assumption.
No comments on how this will affect the business or CUP's purchase of Count Financial as i'm sure Matthew Rowe has something up his sleeve. He seems like a shrewd operator.
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