Wells Fargo wealth boss says new rule has costs

In an exclusive interview with Reuters on June 24, Wells Fargo & Co’s wealth chief David Carroll said the proposed new industry advice standard for U.S. brokerage firms will tighten profit margins industrywide, but is a necessity. He went on to say “I think the industry needs this,” and that “It would provide a more consistent standard of care for all clients.” Carroll supports the introduction of a universal advisory standard that would likely benefit larger firms.