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NEW YORK--Concern about keeping its brokers happy, coupled with a stricter regulatory climate, has prompted Royal Alliance Associates to form Royal Advisory Services (RAS), which will supervise much of the advisory work of the firm's representatives.
Services provided will include outside wrap-fee programs, private money managers, no-load mutual funds, asset allocation programs and timing services, according to a memo to reps. Royal Alliance has signed agreements with about 20 asset allocation and market timing services, allowing them to sell their services to Royal Alliance's reps' clients.
"We're offering virtually every choice available to the reps who want to do fee-based advisory business," according to Hyman Cohen, chief operating officer of Royal Alliance, which is owned by Los Angeles-based Broad Inc.
"We want to provide compliance, but also keep the reps whole," added Mark Goldberg, managing director of RAS and a vice president and director of due diligence at Royal Alliance.
About 1,000 of Royal Alliance's...