i could argue that directed brokerage is ethical because it is the client’s money that you are trading with.
i could argue that directed brokerage is unethical because I am also supposed to be doing research with the brokerage, and if they want to have it sent to their alma mater, that is putting undue stress on the brokerage of other clients.
am i missing something?
what if every client wanted their commission recaptured and directed to their alma mater? would everyone just pay half price for research?