Controversy caused by investigations into the conduct of large brokers has had at least one very positive outcome, according to the leader of a major brokerage firm.
“There has been one thing that has come out of it that the industry probably never would have done on its own that I think is very positive–and that is transparency,” said J. Patrick Gallagher Jr., chairman, president and chief executive officer of Arthur J. Gallagher & Company in Itasca, Ill.
He pointed out that while four or five brokers have committed to transparency, there are still “thousands of agents and brokers in America that have not necessarily signed on to that. But I believe the market will eventually be transparent because the four largest [brokers] are driving that–and I think the customers really like it.”
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