Pros
Freedom to run your own office, consistency with firm philosophy and direction, respect to FAs as business owners, total comp if you are a GOOD producer, quality of work/life balance
Cons
Unless you have $100m+ in AUM, it's hard to maintain an above-average income. Lack sophisticatipon to compete for HNW clients. Simplistic investment philosophy outdated in today's high-tech, global world. Transaction-based comp in a planning-based environment, conflict of interest. Not fairly compensated for full-service due to mandatory breakpoints and discounts. Firm states clients best interest always comes first, but they don't practice this when it comes to taking care of clients with FA turnover, research and recommendations (Have had a BUY on HD & PFE for 10 years!!), Recommended clients HOLD Lehman bonds all the way down to ZERO. Insists on switch letters and client signatures as a CYA for themselves instead of protecting the client when it comes to getting out of bad investments (like AIG annuities!).