Skip Schweiss wants planners and consumers to know financial planning is not yet a profession.
In addition changing Reg BI’s nomenclature, the Institute for the Fiduciary Standard called for many changes by the SEC.
Major repairs to Reg BI, Form CRS and Adviser Act guidance are proposed to affirm broker and adviser differences and to level with investors
Gensler has developed a reputation as a tough regulator who also was a successful leader on Wall Street.
If Gensler, who is uniquely well-suited for the task, becomes the SEC chairperson, it will harken back to the SEC’s origins.
A year-end SEC order and statement by its staff on Reg BI exams are a positive signal for investors in need of fiduciary protection.