October 4, 2016
WASHINGTON, D.C. – In yet another strong show of support for the Financial Services Institute (FSI), 15 firms have joined its membership so far in 2016 – most looking for a partner to help with the Department of Labor’s fiduciary rule. Also, in a first for FSI, three Super OSJs have joined as full firm members.
“While we continue our court challenge of the fiduciary rule, we’ve been calling for both advocacy and planning for compliance, since last year,” said FSI President & CEO Dale Brown. “We are excited that so many firms this year have decided to take advocacy even more seriously and unite their voice with the over 100 other member firms at FSI. While our industry has been focused on the fiduciary rule – and we’ve created a slate of tools to help them be ready for compliance starting in 2017 – it would be a mistake to think this rule is the last threat our industry faces. We must unite the entire industry around the goal of ensuring all Americans have access to objective and affordable financial advice through constructive engagement with legislators and regulators.”
FSI has made the following DOL fiduciary rule tools available to its members:
To find out more about the tools, go to DOL-Fiduciary-Rule-Resources
In addition to our new broker-dealer firm members, made up of small and mid-sized firms, three Super OSJs, Advantage Financial Group, Private Advisor Group and Integrated Financial Partners, have joined as full firm members and have also brought the rest of their ~800 advisors who weren’t already members into FSI.
“We are coming together as an industry for the good of the investing client, and we are leveraging our collective strength and insight to successfully address the new implications of regulatory change,” said Amy Webber, President, Cambridge Investment Research and Chair of the FSI Board of Directors. “Through FSI we have the collective power of over 160,000 business leaders and more than 100 independent firms. Looking across the advice industry, we must challenge ourselves to find ways to work together to make a real difference for our highest priority, the investing clients. This is a step in that direction and we welcome our new members.”
Please see below for a partial list of the firms who have joined FSI in 2016:
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.
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