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FSI renews efforts to scrap DOL rule and push for universal standard by SEC

January 26, 2017

FSI renews efforts to scrap DOL rule and push for universal standard by SEC

The trade group for independent broker-dealers will take the offensive in trying to shape the kind of fiduciary standard it believes will be advantageous for its business in the future

Jan 24, 2017 @ 12:32 pm | by Mark Schoeff Jr. | InvestmentNews.com

The Financial Services Institute plans to go on offense this year to shape an investment-advice standard to replace a Labor Department regulation that is likely to be delayed.

The organization, which represents independent broker-dealers and financial advisers, is going to try to take advantage of having President Donald Trump in the White House as well as a 2018 election cycle that includes vulnerable moderate Democratic senators in states carried by Mr. Trump who are usually sympathetic to the financial industry.

“Our opportunity with this unexpected change in political circumstances is to move into a proactive stance of advocating for the regulation of the way we want our business to be in the future rather than the defensive crouch we’ve been in for the last several years defending what we’ve done in the past,” FSI president and chief executive Dale Brown told reporters Tuesday at the FSI annual conference in San Francisco. “Our advocacy for a uniform fiduciary duty is right at the top of that list.”

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Steve Siepak
Blue Vault session at the recent National Planning Holdings National Conference
September 13, 2017

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