Busy on All Fronts: 2023 Year in Review

December 14, 2023

Recently, much of our attention has been focused on trying to thwart dueling proposals from the Department of Labor that have the potential to change the industry dramatically, hurt your business and limit investor access to advice. 

However, that barely scratches the surface of all we’ve accomplished in 2023. Let’s take a look back at some of the additional highlights: 

New Form CRS Video Guide

At the beginning of the year, we teamed up with Broadridge Financial Solutions to create a Form CRS Video Guide. It’s free to use for member firms and comprises three easily understandable, 90-second videos. The purpose is to help investors and clients better understand what Regulation Best Interest’s Form CRS contains and to facilitate more meaningful conversations. The effort was part of our longstanding history of providing members perks that transcend our core advocacy offering. 

In-Person Capitol Hill Day Returns

For the first time since 2019, we descended upon the Capitol for a day of in-person advocacy, which coincided with our annual FSI Forum. In all, we held over 90 meetings, allowing our members to connect with their congressional representatives and their staffs in an intimate setting to discuss issues that directly impact their business, as well as the broader independent financial services industry. 

Ultimately, advisors are their own best spokesperson. You have a powerful story – and sharing it directly to your elected officials will help them better understand the stakes for your business and the Main Street Americans you serve. We look forward to continuing the in-person Capitol Hill Day tradition next year. 

Introduction of the Financial Exploitation Prevention Act.

We’ve long advocated for policies that provide advisors with the ability to take action to protect their clients’ assets in the event of suspected financial abuse or exploitation. This year, Congress introduced the Financial Exploitation Prevention Act, which would allow advisors to temporarily postpone a transaction if they reasonably suspect fraud or exploitation. During Capitol Hill Day, FSI members advocated for the bill’s passage in the Senate following its unanimous passage in the House.

Meetings with Influential Lawmakers

Besides Capitol Hill Day, FSI staff and members were able to routinely win an audience with key lawmakers (or representatives from their office) from both sides of the aisle. That includes meetings with Sen. Jon Tester (D-MT), a member of the Senate Banking, Housing and Urban Affairs Committee; Sens. Maggie Hassan (D-NH) and Susan Collins (R-Maine), both members of the Senate Committee on Health, Education, Labor and Pensions (HELP); and Sen. Mike Braun (R-IN), the ranking member of the U.S. Senate Special Committee On Aging. 

Next-Gen Task Force

Today, not enough next-gen advisors are entering the industry to replace the ones who have plans to leave it. Many firms have tried to tackle the industry’s next-gen problem over the years, and their efforts have been significant. But there’s more work to do – which is why we formed a Next-Gen Advisors Task Force earlier this year. This 20-person group is made up of industry leaders representing firms of all sizes. The goal isn’t to solve the problem once and for all, but to lay the groundwork to allow the industry to make more progress in this area. 

State Policy Resource Center

We’ve launched a one-page, interactive resource center that provides members with a host of critical information about where they live or in states where they do business. Want to know who is the primary securities regulator in a state? Or perhaps who is politically accountable for setting the regulatory agenda? It’s all there and more, including FSI’s presence in a state and how much we contribute to the economy.

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