Voicing concerns of its membership over the “timing, context and size” of FINRA’s proposed fee increases for the broker-dealer industry, the Financial Services Institute (FSI) has submitted a comment letter to the SEC opposing the increases.
FSI President and CEO Dale Brown said in an interview Monday that “everybody in the country, the industry and all FSI members are facing continued challenges” due to the slow economy, but that the timing of the raised fees just adds to the “humongous” cost of compliance for its independent broker-dealer members, especially its smaller firms, and individual financial advisors.
Exacerbating the rising costs of doing business, Brown said, is the “aggravated uncertainty” of the slow pace of Dodd-Frank implementation. “It has a cumulative effect on everybody,” Brown said, but “disproportionately on smaller firms,” which FINRA defines as those BDs with fewer than 150 representatives.
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James J. Green
Jamie Green is editor of Jamie Green Reports, an advisor-focused writing, editing and shepherding service. He can be reached at [email protected]. Jamie is former Group Editorial Director of the Investment Advisory Group at ALM Media, where he had overall editorial responsibility for ThinkAdvisor.com and Investment Advisor and Research on Wealth magazines, monthly print magazines that have served advisors of all kinds for more than 30 years. In more than 30 years of experience in print and electronic journalism, Jamie has been covering the investment advisory industry since 1999. In the 1990s he worked for nine years at The New York Times, where he was editor of TimesFax, an electronic version of the newspaper of record now known as TimesDigest. In the 1980s he was editor of Tele/Scope, a pioneering electronic news service based in New York, and was editor of Telecommunications Research, a monthly journal. He holds a bachelor's degree in philosophy from St. Hyacinth College in Granby, Massachusetts, and studied theology on the graduate level at St. Anthony-on-the-Hudson, Rensselaer, New York.
