The National Association of Personal Financial Advisors has sounded the alarm against House Financial Services Chairman Spencer Bachus’ bill calling for a self-regulatory organization to oversee advisors.

Warning that the bill would hurt small-business owners “who provide sound financial planning to consumers and who put their clients’ interests first, ” NAPFA officials said in a May 31 statement that the “seemingly innocently named” Investment Adviser Act of 2012 (HR 4624) would strip advisor examination and oversight from the Securities and Exchange Commission, the independent government agency that has overseen registered fiduciary advisors for more than seven decades.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?

Dig Deeper



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.