Quote from NasdaqTrader:
About 8 years ago,i gave the retail broker route a try and hated it.But almost every firm does still cold call to try and get new business brokerage profits suffer now because of this new rule?Is it time to short the brokers?
I was a retail broker for 4 years.....tried to do the right thing and barely made a salary while the churning brokers made millions. So I am very soured on that end of the biz
I believe that there is a loophole that states something like "the company may call on an existing or previous client". So.....if they have a guy who closed his account 5 years ago you can bet he will still get called.
One thing to think about is that this law will weed out the unscrupulous companies that are not looking for return biz...just a quick hit.

