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Shops Line Up at SEC Offices to Sway ‘Best Interest’ Outcome

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IGNITES reports on Groups Meeting with SEC on Reg BI; Highlights “Raise Your Voice” Campaign, and highlights the meetings of the Institute. In July 26 article, Jill Gregorie lists 55 meetings at the SEC of groups ranging from the U.S. Chamber of Commerce and SIFMA to AARP, CFA Institute, CFA and the Institute for the Fiduciary Standard. About the ‘Raise Your Voice” campaign, Gregorie writes:     

“The Institute for Fiduciary Standard, for example, sat down with the regulator on at least six occasions between April and June. In June, the Washington, D.C.-based think tank, which represents registered investment advisors, launched a “Raise Your Voice” campaign that pushes RIAs to speak out against the proposal before the Aug. 7 feedback deadline. The group’s website also features flyers and social media graphics that advisors can share with their personal and business networks. One such flyer alleges that under the SEC’s “best interest” standard, brokers will need to demonstrate more loyalty to their employer than to clients.”

(Note: This is a summary of the original article by Jill Gregorie on July 26, 2018 on the ignites.com website. A direct link is not available.)

Fiduciary Doings

Tamar Frankel and Phyllis Borzi

 

The Institute organized a meeting to discuss common interests on Reg BI, the states and advocacy on January 16 in Washington. 22 leaders from nine advisor and consumer advocacy organizations attended.

Here, Phyllis Borzi (left) and Tamar Frankel, Institute Board of Advisor members, are seen readying to depart an Institute dinner, the evening before, where they led discussions.

Carolyn McClanahan

 

"With the advent of 401(k)s and the decimation of pension plans to ensure financial security in old age, a fiduciary standard is more important than ever. The public needs to be confidant that advisors helping them plan for their retirement years always and only act in their best interest as a fiduciary. I'm happy to endorse organizations such as the Institute for the Fiduciary Standard that promote protections for those who need to secure their financial future."