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Over the last 15 years, that model has changed. First, advances in technology and regulatory reforms led to the rise of discount brokers, making it difficult for the old-fashioned stockbroker to sustain the same fee structure.

Later, partly in response to that assault, the financial services industry looked to develop a more stable and less cyclical revenue stream. This fit in neatly with consumer concerns about conflicts of interest, and has led to a new paradigm in financial advice—the movement toward offering consultative services instead of product pushes and straightforward fee structures rather than complex or opaque ones.[Download]