For Brokers, GOP Tax Plan Could Bring Upheaval and Job Switching

Some brokerage firms are concerned that the tax overhaul could lead to upheaval, pushing their employees to set up their own shops or switch firms to lower their tax bills. “We are very concerned at the impact this could have on the ability of firms in the industry to offer different business models,” said Christopher Iacovella, who runs the Equity Dealers of America, a trade association for regional brokerages including Janney Montgomery Scott, D.A. Davidson Companies and Raymond James Financial Inc. “Both should be treated equally under the law.”