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Weighing in on the SRO Debate

With the approaching June 6th SRO Debate, key players and experts weigh in on what they think the future of the regulatory system should hold and how it will affect those in the industry.
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Examining Regulatory Alternatives: Where Do We Go From Here?

"It is unlikely in the current political environment that the SEC will be able to charge users fees to RIAs or to get the budgetary resources it needs. Moving more RIAs from federal to underfunded state regulatory agencies is likewise unsatisfactory."

James Angel, Associate Professor, McDonough School of Business
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A Bite on Reality

"More resources need to be allocated to the SEC's examination program, which can be accomplished at no cost to taxpayers."

Paul Auslander, FPA President
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Think Before We Act

"Caution should be used before rushing head long into a 'solution' that may create more problems than the perceived cause."

Mag Black-Scott, President and CEO of Beverly Hills Wealth Management
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Converting Brokerage Industry to Fiduciary Rule

"Let’s let the SEC govern all people who give investment advice to clients, and let’s make every client-facing advisor and organization subject to the Fiduciary Rule. With this, we can throw out all the brokerage regulations, because there will be no more brokers, only advisors."

Jonathon Foster, President and CEO of Angeles Wealth Management
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Proposed Legislation is Not the Answer

"Creating a whole new regulatory bureaucracy rather than simply providing the SEC with the resources it needs to keep pace with the growth of the advisory profession is like taking a sledge hammer to a nail – it’s over kill and unnecessary. "

Charles Goldman, CFP Board of Directors member
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A Wolf in Sheep's Clothing

"No matter which numbers you believe, an SRO will significantly add costs for investment advisers without any promise of adding to investor protection. The Bill will put many advisers out of business, resulting in significant job losses that will never come back."

Brian Hamburger, MarketCounsel Managing Director
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Should the Foxes Rule the Henhouse?

"NAPFA believes consumers will lose access to trusted advice and gain access to salesmen who supply confusing, conflicted advice."

Susan John, NAPFA National Chair
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FINRA, SRO Drawbacks Outweigh Benefits

"The substantial costs and bureaucracy of an additional, unnecessary layer of SRO regulation and oversight would have a significant adverse impact on small businesses and job creation."

David Tittsworth, Executive director and executive vice president of the Investment Adviser Association
Financial planning
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