As we travel around the country speaking to financial advisors one thing has become very clear – there's a lot of noise coming out of Washington, D.C. (We know we are not telling you anything new), and there's a real need for us to have a candid conversation about our most pressing issues with our members so that you not only know what we are working on but why we are taking the positions we are taking on these issues.
This first one is the most timely – our push for a self-regulatory organization for RIAs to help level the playing field for you, eliminate an unfair competitive advantage and better protect consumers.
Two quick things: One, FSI endorsed FINRA as the SRO for RIAs over a year ago and very publicly, so this isn't new for us; two, we've twice polled our financial advisor members on this issue, and roughly 75 percent agreed with our position. That being said, even those who see the logic behind it aren't thrilled with giving FINRA greater reach and responsibility.
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