Salomon Smith Barney has lost one of its top brokers in Philadelphia. Vince Lowry has reportedly left the Consulting Group to start a new firm, VTL Associates Inc., that will also be based in Philadelphia. According to Pensions & Investments, Lowry felt pressure from clients for independence from conflicts of interest.
"That pressure has been mounting for some time," Lowry, told P&I. "This move puts us in a position where there is no perception of a conflict of interest in the advice that we give. We only receive hard fees from clients."
The issue of independence and the ability of brokers to give clients conflict-free advice is likely to grow in importance as issues such as revenue-sharing continue to come to the fore.
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