Enoch, I disagree with your contention that having no dealer improves compliance. I'm with the same dealer as Slava and we have one of the most stringent compliance regimes in the business. I personally know several advisors who have left because of this. In fact it's getting more strict. I don't see how eliminating the dealer is an improvement. We have that extra layer of oversight that takes its responsibility very seriously. We have three layers - advisor ethics, dealer and regulators, while you're advocating for only two. I know you have a different system than ours.
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