Daniel Moisand is an outspoken and intense advocate for the investment advice industry’s need to treat investors as fairly as possible. A former president of the Financial Planning Association, one of Mr. Moisand’s chief professional accomplishments hung on that very issue.
Under his leadership, the FPA in 2005 sued the Securities and Exchange Commission over the so-called “Merrill Lynch Rule,” which exempted fee-based brokerage accounts from falling under the Investment Adviser Act of 1940. A federal appeals court in 2007 threw out the Merrill Lynch Rule but, to the displeasure of planners like Mr. Moisand, a temporary rule for broker-dealers with such accounts has been in place ever since.
“It was patently absurd in our mind that you could call an organization an adviser and invest and then claim the investment advice was incidental,” Mr. Moisand said. “If you were holding yourself out as an adviser you should be regulated as one.
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