Reflecting on 20 Years of Advocacy: Dale’s Letter to Members

As we barrel toward spring, it’s hard to believe that we’re over two months into 2024. It’s harder still to comprehend that we are celebrating FSI’s 20th anniversary this year.

Indeed, two decades ago, I got on a plane and traveled to Dallas to meet with Tony Batman, Founder and CEO of 1st Global, to ask him if he’d help me launch an advocacy organization for independent broker-dealers, advisors and the Main Street clients they serve. Thankfully, he said yes. What’s more, Batman served as the first-ever chair of FSI’s Board of Directors.

Plenty of Help Along the Way: A Collective Effort  

Since then, I have had the great pleasure of collaborating closely with countless other leaders – on the board and in other capacities – whose passion for our industry has helped make FSI what it is today.

Moreover, I have been blessed to work with the most able, qualified and hard-working staff that any organizational leader could hope for. The average team member has been with us for over 10 years, a testament to their unbridled enthusiasm for serving our members’ interests.

Of course, countless others have also contributed to our success. It truly has been a collective effort – which is why I’m so optimistic about what the future holds for our organization.

Challenges Ahead 

Still, we face some tests in the short term. For one, the Department of Labor (DOL) recently re-issued its fiduciary rule that will affect your ability to help clients save for retirement. Also, in January, the DOL published a final independent contractor rule that threatens advisors’ independent contractor status, threatening an integral part of the independent business model.

On both of these issues, we stand ready to exhaust every option we have to protect our members and make sure Main Street investors continue to have access to financial advice. That includes litigation, if necessary.

In the weeks and months ahead, we will look to you to support our advocacy efforts in these areas.

We have created the FSI Advisor Independence Fund, which will provide the additional financial resources needed to support our full-scale advocacy push on the independent contractor rule. Your voluntary contribution will assist us in pursuing all avenues to defend advisors’ independent contractor status.

Firm members, if you have not already done so, please consider making a voluntary contribution using this firm pledge form and return it via e-mail. Financial advisors, you may contribute individually to the fund via our online form. Alternatively, if you would like to pay by check, you may print and complete the PDF form and mail it with your check to FSI.

Connecting the Industry

In the meantime, I hope you’ll join us for one of our upcoming in-person and virtual events. We have roundtables throughout the year in cities across the country. And I invite you to join us September 16-18 in Washington, D.C. for FSI Forum & Capitol Hill Day. This unique event provides you with an opportunity to be part of the advocacy process by meeting with your legislators and their staff to discuss the most critical issues impacting our industry. I hope to see you there.

Thank you for your continued support and engagement.

Best,

Dale