Live! OneVoice2013: Fiduciary rule tops FSI's 2013 priority list

Regulatory reform and protecting independent contractor reps also big

Jan 29, 2013 @ 3:46 pm

By Bruce Kelly

fiduciary, advisers
+ Zoom

The Financial Services Institute Inc. hopes to play a key role in the discussion and debate over the Labor Department's expected rule proposal on the fiduciary standard this year.

Labor is “holdings its cards close to its chest” regarding the new fiduciary rule proposal, which the industry expects in July, said David Bellaire, general counsel with the FSI, a trade and lobbying organization for more than 100 independent broker-dealers.

The organization has built a good relationship with Phyllis Borzi, assistant Labor secretary for employee benefits security, Mr. Bellaire said. But “the parameters are unclear,” Mr. Bellaire told reporters Tuesday in San Diego at the annual FSI meeting.

The Labor Department is looking closely at the value of advisers who give advice to retirement plans and are paid commissions to do so, Mr. Bellaire said. He said that the DOL showed a certain amount of “distrust” towards the financial services industry around this issue.

Two other top priorities for the FSI this year include protecting the status of independent-contractor representatives and advisers, and regulatory reform.

Revenue at the organization continues to grow, fueled by sponsors and strong interest from individual reps and advisers. FSI expects revenue this year to top $7 million, which is about double the 2010 level.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How to effectively engage and serve female clients

It is clear building relationships with women is a proven way to grow your business. Heather Ettinger of Fairport Asset Management explains proven segmentation strategies.

Latest news & opinion

Is LPL's deal sweet enough for NPH's 3,200 reps and advisers?

They will have to decide if the signing package they are being offered by LPL makes sense. A lot is hanging in the balance.

Eduardo Repetto to leave Dimensional Fund Advisors

Gerald O'Reilly, currently co-CIO, will take over as co-CEO with David Butler.

Alternative strategies boomed after crisis, but haven't been tested

Because the S&P 500 has outperformed, convincing clients they need protection is a hard sell.

7 ways advisers fixed clients' biggest financial dilemmas

Sometimes it takes creativity, along with knowledge and outside help, to get a client out of a jam.

LPL Financial buys NPH, a broker-dealer network with 3,200 advisers

The deal, part of which is based on the advisers and revenue that eventually will move from NPH, could potentially cost LPL $448 million.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print