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
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
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
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
Federal Election Results
1 race outstanding (NC-09)
State Election Results
1 divided state legislature (Minnesota)
35 Gubernatorial Elections:
State Government Trifectas (one party controls governorship and both chambers): 1
January 28-31, 2018
Gaylord Texan Resort & Convention Center | Grapevine, TX
187 first-time attendees
7 educational tracks
3 general sessions
June 5-6, 2018
Embassy Suites D.C. Convention Center | Washington, D.C.
62% of states represented
107 meetings on the Hill
- Tax deductibility of advisory fees
- Association Healthcare Plans
- Protecting Advice for Small Savers (PASS) Act
Grand America Hotel | Salt Lake City, UT
2 pre-conference workshops
7 educational sessions
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: