Today, the Financial Services Institute will testify before the New Jersey Bureau of Securities, on the state’s proposed fiduciary rule regarding investment advice and its impact on Main Street investors.
In his testimony, FSI Executive Vice President and General Counsel, David Bellaire, will cite how the proposal burdens dual registrants and firms that provide solely incidental investment advice with a confusing and costly regulatory structure; how it reduces investor choice, raises the cost of investing and deprives some investors of access to a financial advisor. He will also explain how it conflicts with congressional intent expressed in the Advisers Act, the position of SEC and the New Jersey Uniform Securities Law as well as how it is preempted by NSMIA.
The hearing will begin at 9:30 a.m. ET.
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.
FSI Responds to DOL Publishing Its Retirement Security Rule Proposal
WASHINGTON, D.C. – Today, the U.S. Department of Labor (DOL) published its retirement security rule proposal. This proposal is the […]Read More
FSI Announces 2023 Advocacy Circle of Excellence Honorees and Stephen R. Kareta Excellence in Advocacy Winners
FSI’s Annual Awards Program Recognizes members for Outstanding Advocacy Engagement on Behalf of Independent Financial Services Industry and Main Street […]Read More
FSI Announces New Board Member, Adam Malamed
Sanctuary Wealth’s CEO brings extensive industry experience to Board The Financial Services Institute (FSI) today announced the election of Adam […]Read More