2018 was a significant year with our victory defeating the Department of Labor’s fiduciary rule, the midterm elections, continued membership growth and more. We are already working to build on this momentum in 2019 as we strive to further our mission of creating a healthier, more business-friendly regulatory environment for our members, and preserving Main Street Americans’ access to affordable, professional financial advice. Below are some of the highlights from 2018.


DOL Fiduciary Rule Overturned

On March 15, the 5th Circuit Court of Appeals issued its decision in our favor, vacating the Department of Labor’s (DOL) Fiduciary Rule in its entirety. This was a significant victory for investors, financial advisors and the firms that serve them. We are thankful for the courageous leadership of the FSI Board of Directors and support of our members like you.

Learn more

Legislative Affairs

VICTORY: Passed the Senior Safe Act as part of the Consumer Protection Bill (S.2155), providing protection for American seniors from financial exploitation. Prior to 2018, our members talked to hundreds of members of Congress, pressing this issue during multiple Capitol Hill Days.

During 2018, we conducted meetings with the leadership of committees working on legislation impacting our industry:

- House Ways & Means Committee
- Senate Banking Committee
- House Financial Services Committee
- Joint Committee on Taxation

View Our Advocacy Priorities

Regulatory Affairs

VICTORY: In response to concerns we raised, FINRA is reviewing its rule proposal related to outside business activities (OBA) and private securities transactions (PST).

VICTORY: FINRA responded to suggestions we provided and formed the Registered Representative Working Group.

ONGOING: Continued constructive dialogue with SEC on allowing payment to transaction-based business owned by financial advisors.

17 comment letters sent to federal regulators (SEC/FINRA/MSRB/DOL)

3 FSI members on FINRA’s Board of Governors

31 FSI members on FINRA Committees

2 Appearances before the SEC’s Investor Advisory Committee:
- SEC’s Proposed Regulation Best Interest Form CRS
- Unpaid Arbitration Award Solutions

State Affairs

VICTORY: Defeated state fiduciary proposals in MD, NY and IL.

VICTORY: Defeated state-run retirement plan proposals in CO, MA, WV and HI.

VICTORY: Passed bills expanding financial abuse protections for seniors in AK, MN, OK, KT, NH and DE.

VICTORY: Defeated proposed taxes on financial services and/or investment advice in CA, AZ, SD and NE.

VICTORY: Passed bills promoting financial literacy in schools in FL, AZ, LA and KT.

46 state legislatures in session in 2018
100+ wins on state legislation

2 State Capitol Days: Florida & New York

2 Appearances before State Legislatures and Securities Division
• Maryland State Fiduciary Public Hearing
• New Jersey State Fiduciary Public Hearing

View 2018 Activity By State

Midterm Election Results

Federal Election Results
235 Democrats
199 Republicans

1 race outstanding (NC-09)
53 Republicans
47 Democrats

State Election Results
1 divided state legislature (Minnesota)
35 Gubernatorial Elections:
Republicans: 20
Democrats: 15

State Government Trifectas (one party controls governorship and both chambers): 1
State Legislatures:
Republicans: 22
Democrats: 14

Election Results Map

OneVoice 2018

January 28-31, 2018
Gaylord Texan Resort & Convention Center | Grapevine, TX

650 attendees

187 first-time attendees

7 educational tracks

3 general sessions

Capitol Hill Day

June 5-6, 2018
Embassy Suites D.C. Convention Center | Washington, D.C.

150 attendees
62% of states represented
107 meetings on the Hill

Issues Discussed:
- Tax deductibility of advisory fees
- Association Healthcare Plans
- Protecting Advice for Small Savers (PASS) Act

FSI Forum 2018

September 24-26
Grand America Hotel | Salt Lake City, UT

210 attendees
2 pre-conference workshops
7 educational sessions
3 discussions

FSI Members

100 Firm Members
30,000+ Independent Financial Advisor Members
6,613 New Financial Advisor Members
6 New Firm Members

5,000+ advisors enrolled in FSI CoveredAdvisor insurance benefits. CoveredAdvisor insurance benefits
1,000+ staff of advisors enrolled in FSI CoveredAdvisor staff plan. CoveredAdvisor Staff Plan

States with the Most FSI Members:
New York