Resource Library
The FSI Member Resource Library contains reports and studies from FSI sponsors as well as studies conducted by FSI and FSI Councils.
Studies & Reports from FSI
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Artificial Intelligence: Balancing Innovation, Interoperability, and Oversight
(December 2025)
Access open to all. A three-part guide offering a decision framework for AI use by firms, interoperability standards and practices to ensure AI tools work together across the industry, and a look at the regulatory and legislative landscape to guide policies and compliance. The white paper’s goal is to help firms strategically adopt and effectively implement AI into their business while navigating an evolving regulatory environment.
How the Proposed Independent Contractor Rule Could Reshape New Jersey’s Financial Advisory Industry
(August 2025)
Access open to all. This study, conducted with Oxford Economics, analyzes the potential impact of the New Jersey Department of Labor & Workforce Development’s (NJDOL) proposed independent contractor rule. It finds that the NJDOL’s proposed rule would reshape the financial advisory industry in the state and decrease client access to financial advice, all of which would impact the state’s broader economy.
Guide to Holistic Tax Management
(Courtesy of Envestnet, July 2025)
This guide for financial advisors explores how a holistic tax overlay may be used to manage equity portfolios in taxable accounts. Envestnet’s examination includes a discussion of tax overlay implementation with a Unified Managed Account (UMA) and how these solutions can work together. The guide also discusses tax alpha and its importance to affluent investors. It also looks at possible challenges related to tax overlays and how to effectively navigate these concerns and complexities.
2025 Complex Products Survey
(January 2025)
The FSI Investment Advisory Council conducted the Complex Products Survey to gather feedback about spot Bitcoin ETFs, complex mutual funds & ETFs and semi-liquid alternatives. The survey also touched on a range of other topics, including current availability, plans around future availability, training requirements and client suitability.
Insights on Artificial Intelligence Adoption in Financial Services
(December 2024)
The FSI Operations and Technology Council’s survey “Insights in Artificial Intelligence Adoption in Artificial Intelligence” focused on the impact of artificial intelligence (AI) adoption in the financial industry. The survey was intended to gain further insight into AI trends, adoption rates, efficiency, and oversight of use.
RIA Guidebook
(January 2024)
The FSI Investment Advisory Services Council has prepared this Guidebook to help leaders of member firms understand business models, economics, market trends, culture, and platforms that support investment advisors in leading change in the financial services industry. In addition, it includes key considerations when contemplating expanding advisory support services to financial professionals.
Recommendations to the SEC to Modify Its Procedural Framework to Prevent Regulation by Enforcement
(January 2024)
To assist the U.S. Securities and Exchange Commission (SEC) with its important role in protecting the investing public, maintaining the integrity of our financial markets, and promoting capital formation, FSI published this white paper with recommendations for adopting a procedural framework to detect
and prevent the Commission and its staff from establishing de facto rules without due process, fair notice, and consideration of public comments reflecting industry practice.
Economic Analysis of the DOL’s Proposed Retirement Security Rule
(January 2024)
The Department of Labor (DOL) is proposing a new regulatory definition of an investment advice fiduciary for purposes of Title I and Title II of the Employee Retirement Income Security Act (ERISA). At the same time, the DOL also set out accompanying amendments to various prohibited transaction exemptions. This study comments on the economic effects the DOL’s proposed regulation would have if implemented, both broadly and on independent financial services firms in particular.
Enterprise Risk Management Whitepaper
(January 2024)
Enterprise Risk Management (ERM) is an overall approach for risk management assessment at the organizational level. This whitepaper will help organizations define the value of a proper risk program, explain how to implement a new risk program, and how to run or enhance an existing program.
The DOL’s Independent Contractor Classification Rule Would Decrease Access to Advice and Increase Costs for Investors
(January 2023)
The Department of Labor has proposed a new rule on Employee or Independent Contractor (IC) Classification Under the Fair Labor Standards Act. Our research indicates the rule may result in industry disruption, significant costs, and potential harm to investors. The impact will not only be on independent financial services firms that have developed business models reliant on existing rules, but also on financial advisors who enjoy their independence, and Main Street investors served by independent financial advisors.
Independent Contractor: A Guide for Independent Financial Services Firms
(Spring 2020)
States and the federal government often challenge the independent contractor status of independent financial advisors. The scrutiny of independent contractor classification has only grown with the expansion of the gig economy. In collaboration with McIntyre & Lemon, PLLC, we have developed this guide to assist FSI members in addressing this issue. This guide provides background and suggested best practices for structuring your firm’s policies and procedures to help substantiate independent contractor classification.
FSI Cybersecurity Guide for Independent Financial Services Firms
(Spring 2020)
The FSI Cybersecurity Task Force has developed this guide as a resource to help independent financial services firms understand the cybersecurity requirements and expectations unique to this segment of the industry. This document provides a summary of the laws and regulations related to cybersecurity, regulatory guidance and expectations along with information gained from enforcement actions in connection with cybersecurity incidents, and discussion of techniques that firms may wish to use in order to mitigate potential risks.
Independent Broker-Dealers: Supervisory Practices
(Spring 2019)
With the growing need for Americans to prepare for their own retirement, the demand for independent financial advice has only grown. One of the key sources of this advice comes from independent financial advisors affiliated with independent and insurance company-owned broker-dealers. This paper will review the applicable regulatory framework for supervision of the independent model, examine survey results of FSI members’ supervision programs, discuss the challenges the supervision of specific products and services presents, and review considerations for supervision when firms are considering a merger.
Cybersecurity Checklist
(February 2018)
This checklist outlines the policies and procedures regarding FINRA Cybersecurity practices.
Outside Business Activities & Private Securities Transactions Checklist
(February 2018)
This checklist follows the policies and procedures outlined by FINRA Rule 3270 and Rule 3280.
FSI Investment Advisory Services Council Advisory Platform and Fee Survey
(Fall 2017)
In Fall 2017, FSI’s Investment Advisory Services (IAS) Council created a survey to study the Advisory Platform and Fee Structure of FSI Member firms. In total, 18 FSI members participated. The report provides the full results of the survey.
FSI Investment Advisory Services Council Advisory Financial Planning Survey
(Fall 2017)
In Fall 2017, FSI’s Investment Advisory Services (IAS) Council created a survey to study the Financial Planning Services offered by its Financial Advisor Members. In total, 698 FSI Financial Advisor members participated. Here, you will find the full results of the survey.
FSI Outside Business Activities White Paper
(June 2017)
As securities markets and broker-dealers evolve to meet the needs of their clients, so do the compliance programs designed to protect clients and identify risk. One area where there has been recent innovation and development is outside business activities (OBAs). The FSI OBA Task Force was formed to review OBAs in the IBD channel. This white paper was composed to define OBAs, identify their usage and benefits, and explore the regulatory and compliance requirements for OBAs.
Resources from FSI Sponsors
Reimagining the 60/40 Portfolio – An Alternative Outlook
Courtesy of CAIS Group (February 2022)
The recovery and subsequent rally from last year’s pandemic induced market lows has helped traditional 60/40 stock/bond portfolio investors realize continued gains from the balanced portfolio that they have The recovery and subsequent rally from the pandemic-induced market lows has helped traditional 60/40 stock/bond portfolio investors realize continued gains from the balanced portfolio that they enjoyed for most of the recovery from the global financial crisis, more than a decade ago. The attractive absolute and relative returns of the 60/40 portfolio, as well as its relative simplicity have attracted investors across the globe, and caused many to question the need for diversification and the role of alternative sources of return. However, this assumes both stocks and bonds will continue to move higher together, which, given the high historical stock valuations and low bond yields and tight spreads, may be unlikely to persist. This article from CAIS Group reimagines the 60/40 portfolio.
Power Up Your Efficiency in the Digital World
Courtesy of BNY Mellon | Pershing (March 2021)
Over the past few months, firms have quickly adopted hundreds of digital tools and practices – and have managed it well. So, now, many leaders are thinking about their next steps by asking: What’s our best path forward with digital adoption? Some are weighing bold investments to take their firms to the cutting edge of technology with the vision leaping out ahead in the post-pandemic era. Others are taking a more cautious approach, viewing digital tools mainly as a method to keep their firms more watertight for even
rougher waters ahead. Find out how to maximize your firm’s efficiency with this report from BNY Mellon | Pershing.