Individual RIAs and smaller broker/dealers appear to most keenly feel the burden of compliance, but what of the larger broker/dealers? "We can spread costs across five broker/dealers," points out Jim Cannon, president and CEO of AIG Financial Advisors, which can count 2,450 affiliated advisors and more than 600 OSJ managers. "There are 100 people in our compliance department," Cannon says, and those economies of scale provide benefits to the B/D and to the representatives.–James J. Green
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