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
Virtual Press Conference
News Stories on the Campaign
Campaign Launch Coverage – June 28, 2018
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
