I custody with Schwab. AS stated in the announcement custodians are required to verify the identity of all of my clients. Asking RIAs to verify identities is just duplicating effort and adding to our long list of compliance jobs already. What exactly will this accomplish? We dont have access to software and systems to verify identities the way a custodian does. Why dont we go back to requiring a license to open an account? When did that requirement go away?