FSI’s 2018 Advocacy Priorities
The Financial Services Institute’s (FSI) mission is to ensure that all individuals have access to competent and affordable financial advice, products and services delivered by a growing network of independent financial advisors and independent financial services firms. Our top advocacy priorities include:
ISSUES IMPACTING CLIENTS
Workable Best Interest Standard of Care: We support efforts to establish a SEC-crafted uniform best interest standard of care that improves investor protection without significantly increasing costs that limit investors’ access to financial planning services and advice. We oppose state mandated fiduciary disclosures which will complicate compliance and confuse investors without contributing to their protection.
High-Risk Brokers and Firms: We support reasonable regulatory efforts to protect investors from financial advisors and firms who have a demonstrated history of harming investors or have failed to pay arbitration awards.
Prevention of Financial Exploitation of Vulnerable Adults: We support the adoption of the Senior Safe Act and NASAA model rule for protecting seniors from financial exploitation.
ISSUES IMPACTING INDEPENDENT FINANCIAL SERVICES FIRMS & ADVISORS
Independent Contractor Fix: We advocate for legislation to support the appropriate classification of independent financial advisors as independent contractors and work with appropriate policymakers at both the federal and state level to address this issue.
Reducing Burdens on Business Entities Operated by Financial Advisors: We advocate for the modernization of rules prohibiting the payment of commissions directly from a broker-dealer to an unregistered entity operated by a financial advisor.
Level Playing Field for Firms and Financial Advisors: We support the harmonization of regulatory requirements for investment advisers and broker-dealers who provide similar services to the investing public.
ISSUES IMPACTING THE FINANCIAL SERVICES INDUSTRY
DOL Fiduciary Rule: We support efforts to simplify, streamline and harmonize the Department of Labor’s (DOL) Fiduciary Rule with an SEC-crafted uniform best interest standard of care that improves investor protection without significantly increasing costs that limit investors’ access to financial planning services and advice.
Financial CHOICE Act: We advocate for rigorous cost-benefit analysis of new regulations and periodic retrospective review of all regulations either through the Financial CHOICE Act, other legislation or action by the SEC and FINRA.
Unpaid Arbitration Solution: We oppose efforts to make financial services firms and financial advisors responsible for the unpaid arbitration awards of those who left the industry or are otherwise avoiding their responsibilities. These obligations need to be addressed, but not by penalizing honest advisors and firms.
In addition to these top priorities, we advocate on a number of issues that are ongoing at the federal and state level. Learn more about additional issues on our advocacy agenda.