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The Institute for the Fiduciary Standard

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You are here: Home / “Raise Your Voice” Campaign

“Raise Your Voice” Campaign

Adviser Groups to RIAs: Show Your Independence. Explain to the SEC How You’re Different from Brokers.

Time-urgent “Raise Your Voice” campaign begins now.

Washington, D.C., June 28, 2018 – Several nationally recognized groups of fiduciary advisers today announced an initiative to urge RIAs (SEC and state registered investment advisers) to write the SEC (Securities Exchange Commission) and explain how independent financial advisers are different from brokers. The initiative launches as the SEC seeks comments on proposed rules related to standards for FINRA licensed brokers and SEC / state registered investment advisers. Comments are due August 7th and should be emailed to rule-comments@sec.gov (Subject line: S7-08-18).

What Advisers Can Do

Write the SEC . Write an article for an industry outlet. Use the social media graphics (below) to spread the message.

Fiduciary Expert Letters

  • August 6 Letter from Ron A Rhoades regarding Reg BI
  • August 7 Letter from Massachusetts Secretary of the Commonwealth, William Galvin

Adviser Comment Letters

  • August 7 Letter from Charles Ryan of Atlantic Financial Planning
  • August 6 Letter from Paula Hogan of Hogan Financial
  • August 2 Letter from Patricia P. Houlihan of Houlihan Financial Resource Group
  • August 2 Letter from Anandi Krishnamurthy of AKRISH Financial Advisory
  • August 1 Letter from Michael Pace
  • July 27 Letter from Maria Elena Lagomasino of WE Family Offices
  • July 24 Letter from Larry Maddox of Horizon Advisors
  • July 17 Letter from Mark Sievers of Epsilon Financial Group
  • July 18 Letter from Scott MacKillop of First Ascent Asset Management

Campaign materials

Final Press Release

Hypothetical SEC Disclosure

Social media graphics

Virtual Press Conference

Press Conference Announcement

Presentation Slides

Audio Transcript

News Stories on the Campaign

Campaign Launch Coverage – June 28, 2018

PRNewswire: https://www.prnewswire.com/news-releases/adviser-groups-to-rias-show-your-independence-explain-to-the-sec-how-youre-different-from-brokers-300674171.html

Financial Planning Magazine: https://www.financial-planning.com/news/fee-only-advisors-ask-sec-to-distinguish-them-from-brokers

Investment News: http://www.investmentnews.com/article/20180628/FREE/180629919/organizations-launch-campaign-to-get-investment-advisers-to-comment

Wealth Management: http://www.wealthmanagement.com/regulation-compliance/coalition-rias-seeks-sway-sec-over-advisorbroker-definitions

ThinkAdvisor: https://www.thinkadvisor.com/2018/06/28/coalition-asks-rias-to-tell-sec-how-they-differ-fr/

Advisor Perspectives: https://www.advisorperspectives.com/articles/2018/06/28/the-sec-is-failing-to-serve-retail-investors

Ongoing Campaign Stories

July 18, 2017 – Financial Engines, Edelman push for stronger SEC broker rule

July 19, 2018 – Letter-Writing Campaign Goes After SEC Best-Interest Proposal

July 28, 2018 – Shops Line Up at SEC Offices to Sway ‘Best Interest’ Outcome

August 3, 2018 – Regulation BI is BS

August 6, 2018 – SEC Gives Brokers Free Pass On Fee Disclosures, Fiduciary Group Says

August 6, 2018 – Investors want more information about financial advisers’ fees

Institute & Industry Leaders

 

Chris Cannon, board member of the Institute's Real Fiduciary™ Practices and CFA Society Orlando, interviews Boston University Professor of Law Emerita, Tamar Frankel.

Frankel explains what led her to spend her career focusing on fiduciary law, what it means to be a fiduciary, and what conflicts of interest exist within the advisory space. She then offers her thoughts on what regulators should do to help eliminate these conflicts.

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."

- Carolyn McClanahan, Founder of Life Planning Partners

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