@G650er
I think that you need to differentiate between the self licensed advisers and the advisers under the licensees owned by CAF, they receive different
services and they will be charged different fees. CAF doesn't charge individual advisers under the self licensed group, they only charge the licensee (which could include 10s of advisers under a single license).
So the actual number of 'ARs and licensees in the network' is much smaller then you think. 5k each wouldn't cut it.
Industry's response, page-7
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