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Articles tagged "IAA"


Spencer Bachus: The important thing is to have a better system to stop potential fraud.

Spencer Bachus's amazing turnabout from RIA villain to white knight and the miserable state of Dodd Frank's advancement of fiduciary care
Once presumed to be in FINRA's back pocket, the Alabama congressman co-sponsors H.R. 1627 -- a huge boon to SEC oversight of RIAs

Monday 7.21.14
Skip Schweiss: This bill is the best path we've seen thus far.

An advisor fee bill hits Congress again, this time gaining qualified support from RIA groups
Rep. Maxine Waters' bill, which would require fees from advisors for the SEC, is unlikely to pass, but groups say it will push off FINRA efforts for now

Monday 4.22.13
Skip Schweiss: Why one exam every five months? I'd still like that question answered.

RIA loyalists slam the SEC for playing into FINRA's darkest characterizations of haplessness
Is the Securities and Exchange Commission asking for more cash to examine RIAs, getting it, then spending it on other priorities?

Friday 3.1.13
Brian Hamburger: Don't think for a moment this is it. FINRA is playing coy.

FINRA's regulatory white flag may be a pause before it plays white knight to SEC's cash-starved damsel
Brian Hamburger, David Tittsworth and Pat Burns see no gain in breathing easy with so many endgame possibilities still in play

Friday 2.8.13
Elisse Walter wants a "harmonized" fiduciary standard and is set to serve as the agency's leader until late in 2013

Obama makes 'really unfortunate' appointment of Elisse Walter as new SEC chairman
The former FINRA, CFTC and SEC exec will replace Mary Schapiro next month as RIA leaders brace for a new round of regulatory battles

Monday 11.26.12
Bob Veres: 'Everyone feels screwed,' one advisor wrote.

The top 10 deepest fears -- and highest hopes -- of RIA practitioners
A decade of flatlining investment results has advisors worried about clients' faith in the very fabric of the markets

Monday 11.26.12
Advisors converged at the Bellagio this week to witness the ongoing integration of Advent and Black Diamond.

Advent envisions a cloud-based world under stormy Las Vegas skies at the software giant's annual confab
With more than 100 breakout sessions -- not counting Black Diamond's dozen -- the conference provided deep dives into the joined firms' bag of wares

Thursday 9.13.12
James Carville lent his big presence and Louisiana accent to a small event with large ambitions.

TD Ameritrade's 2012 Elite Advisor Summit gathers $89 billion of RIA assets under one Laguna Beach umbrella
Fresh off a week of D.C. intensity, the annual event crackled with strong opinions and offensive strategies

Friday 6.15.12
RIABiz spent its first marketing dollars cladding bar staff at INSITE, with help from Ryan Shanks. [Photo by Mike Byrnes]

Pershing draws a record crowd to steamy Miami but many hearts are in D.C.
INSITE produced bipartisan cheers for Bill Clinton and a split view on the FINRA battle up North

Thursday 6.7.12
Ron Rhoades: FINRA was already an expert at protecting its large Wall Street firms from competition.

Why FINRA's power grab for RIAs needs to be stopped to avert the death of the profession, Part 1
Looking back from the year 2025, the author recounts how FINRA seized regulatory control and crushed the life out the once-thriving RIA channel

Wednesday 5.30.12
Andrew Salesky: We're very optimistic with the ability to build this model.

The 10 most influential figures in the RIA business going into 2012
The RIA power elite: Part 1 of 2

Tuesday 1.3.12
Brian Hamburger: I think that number [from BCG] is a very conservative and kind number.

FINRA attacks Boston Consulting Group over SRO study
BCG sticks to its guns saying that the double-dip cost of SEC oversight makes any FINRA numbers moot

Friday 12.16.11
David Tittsworth: Now we have the cost context that's been missing.

Creating an SRO would cost 100% more than SEC exam program, study shows
FINRA calls the findings 'wildly inflated'

Thursday 12.15.11
Sheryl Garrett:  “Given the funding issues currently facing the SEC, it may not get the resources to continue to regulate registered investment advisers. In that event, the Committee supports an alternative self-regulatory organization (SRO)."

Influential fiduciaries endorse bootstrapping advisory-industry SRO
Maria Elena Lagomasino and Harold Evensky among those giving nod to Mississippi law students

Monday 4.18.11
Troy Paredes: The SEC commissioner also spoke, advocating for a regulatory regime that's easier on small firms ‘We should reject a one-size-fits all regulatory regime,” he said.

Eavesdropping on the IAA: JP Morgan exec challenges advisors on FINRA
SRO remains overarching concern; many advisors haven't finished their ADVs; anxiety rises about 'the switch'

Friday 3.11.11
Mercer Bullard: "If the CFP Board, the Financial Planning Association or the Investment Adviser Association finally get their act together, they might want to get involved."

Mississippi lawyer Mercer Bullard volunteers to form an RIA SRO and nobody's laughing it off
IAA won't join forces; annual cost to run an SRO could top $150 million

Thursday 3.10.11
Zachary Gronich: "For the state registered people, I’m not really seeing any outrageous new costs beyond that new ADV 2a/2b.”

New Fidelity survey shows advisors are running scared about compliance costs
RIAs, compliance experts and a research group diverge wildly on future costs but a baseline increase in the single-digit thousands seems inevitable

Monday 3.7.11
Bill Crager of Envestnet: "There was a lot of momentum toward the fiduciary standard. Now the implications find their way throughout the industry."

(Updated) Groundbreaking SEC study would smash old regulatory system, creating fiduciary brokers and more regulated advisors
Controversy and conflict emerge as SIFMA, Schwab and others begin to react

Monday 1.24.11
SEC Report: Imposing user fees would avoid the difficult scope of authority, membership, governance, and funding issues raised by an SRO.

(Updated) SEC presses case for user fees in much-anticipated report to Congress
While giving downsides for the idea of an SRO to govern advisors, the SEC opens the door for Congress to consider all options

Thursday 1.20.11
Nick Georgis: Schwab has had conversations with SEC staff.

Schwab takes high-profile stand opposing self-regulatory organization for advisors
Largest custodian opposes FINRA on heavily lobbied issue

Friday 1.14.11
Skip Schweiss: "I had in mind that some organization that is familiar with the fiduciary standard practiced by RIAs would set the standards, then perhaps an organization like FINRA could lend its examination expertise/process/infrastructure."

Advisory factions steel for end game as SEC's verdict on FINRA SRO comes down
As action moves to Congress, a flurry of meetings and Schwab's appearance

Friday 1.14.11
Melanie Senter Lubin: Advisors should get their ADV form ready to filed by March 31 and also make sure they know which states they’re going to need to file with.

Wondering whether to register with the states or the SEC? It's a moving target.
New York advisors still left to wonder who has power over them

Monday 12.20.10
SEC headquarters has seen plenty of traffic lately, as companies and lobbying groups send execs aiming to influence a pending report on advisor oversight.

Most RIAs prefer to pay money for SEC exams now than pay in blood later under an SRO
TD Ameritrade survey comes as resistance to FINRA empowerment wells up from wide array of organizatioms

Friday 12.10.10
David Massey, NASAA president, is arguing that the SEC has the bandwidth to continue regulating advisors.

Is FINRA oversight a fait accompli? It's starting to feel that way.
IAA's Tittsworth says advisors still have the chance to play up small-business angle to submarine legislation

Tuesday 11.23.10
In an interview with Elizabeth MacBride, above, Charles Ferguson says that because Obama blew it, reforming Wall Street will likely take decades.

DC Current: A damning view of financial services from Inside Job's director, Charles Ferguson
Film connects the dots leading to the crisis and lays blame at the doors of some unlikely candidates

Friday 11.5.10
The Investment Adviser Association's annual report on the state of the industry reinforces the idea that the big-firm model is winning out over the small-firm model.

Three signs RIA firms are adapting to the brave new world
Looking for change with the help of the IAA's annual report: service providers are gearing up, AUM is rising and the big firms are winning

Tuesday 10.5.10
Speaker of the House Nancy Pelosi and House Minority Leader John Boehner

Signed, sealed, delivered: Fiduciary advocates hope SEC takes their new survey for gospel
In pressure cooker of Washington, D.C., nothing looks certain, especially after Tea Party wins

Thursday 9.16.10
Denise Voigt Crawford: Advisors who haven't had an SEC audit recently -- or ever -- should expect an examiner's knock on the door soon after they switch to state oversight.

What advisors should know about the next sweeping change: the switch from SEC oversight to state regulation
It could impose most on advisors spread out across multiple states

Wednesday 8.25.10
Kristina Fausti: We've entered a new regulatory era that calls for greater transparency and accountability.

How financial reform gives the SEC new bite; plus at least five other things advisors ought to know about the legislation
The new financial world will be constructed mostly out of the public eye, as regulators begin studying 150 issues Congress punted to agencies

Monday 7.26.10
Elizabeth MacBride on how a small group of advocates for advisors and the fiduciary standard influence the debate this year in Washington, D.C.

What went right: the story of the fiduciary standard this year
A long-odds fight by advocates and a well-timed Goldman Sachs stumble and -- voilà -- brokers may have to begin putting customers' interests first

Monday 6.28.10
A strong advocate for the fiduciary standard, Frank pulled out a win in the conference committee this afternoon.

Improbable win for fiduciary standard: Congress set to hand SEC power to impose fiduciary duty on broker-dealers
Conference committee agrees on a measure that calls for six-month study and then gives SEC authority to write single set of rules for advisors and brokers

Friday 6.25.10
Committee Chairman Barney Frank (D-Mass) sees SEC rule-making authority, but after a certain “preparatory” time.

As House and Senate talk compromise, Barney Frank hints at a win for fiduciary advocates
In Washington end game, the fiduciary standard hangs in the balance between Barney Frank and Tim Johnson

Thursday 6.17.10
Goldman Sachs CEO Lloyd Blankfein denied that his firm had an obligation to sell securities they thought would be good investments, or to disclose the company’s short position on such securities.

Regulatory Wire: Goldman Sachs opens door for the fiduciary standard; Senators pile on to the cause
Jail time for those who violate the standard? There's a new tone in Washington, D.C.

Friday 4.30.10
House and Senate financial reform bills would shift 4,000 RIAs to state oversight, but the SEC still has questions about states' resources.

Regulatory Wire: Two Senators may take on fiduciary fight, but how hard will the Obama administration push for the standard?
Plus, Doubts about state regulators' resources; a possible reprieve for California RIAs; and Schumer's under pressure on SEC funding

Friday 4.16.10
Sen. Herb Kohl favors disclosure by planners of conflicts of interest and compensation.

Proposal would sweep RIAs, planners, brokers into one huge regulatory pool (Updated)
New board promoting the fiduciary standard would oversee 75,000

Wednesday 3.10.10
Elisse Walter: We’ve been making it too hard on ourselves.

SEC's Walter looks for an easier way out on fiduciary question
Johnson amendment gains primacy as jockeying continues on the Hill

Thursday 2.25.10

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