April 11, 2013
- President, TD Ameritrade Trust Company
Managing Director of Advisor Advocacy & Industry Affairs
“As Managing Director of Advisor Advocacy & Industry Affairs for TD Ameritrade Institutional, I help to expand the voice of registered investment advisors (“RIAs”) on important policy issues. As I publish my insights here on the regulatory and legislative issues that affect fiduciary advisors and their retail investor clients, you can be certain that I’m working alongside you every day to make sure that common sense, efficient regulation, and investor interests prevail.”
-Skip Schweiss (Follow Skip Schweiss on Twitter @TDASchweiss)
FINRA recently made headlines with an attention-grabbing announcement from Chairman and CEO Rick Ketchum, who stated that the organization was “backing off” of its efforts to oversee RIAs. He noted that there really wasn’t any current support for this effort in Congress.
Interestingly enough, he did appear to invite the SEC to provide support for the idea of increasing RIA regulation. And right on cue, the SEC on March 1st released a Request for Information asking for public input on two things: a uniform fiduciary standard for brokers and investment advisers; and a ‘harmonization’ of regulations and oversight between brokers and advisers. The 72 page Request for Information follows up on the two primary recommendations in the SEC Staff’s January 2011 Section 913 Study.
So, what does this mean? I expect the debate to continue, robustly, only now it may take on a different form as well as a different cast of characters. If increasing RIA regulation is to be accomplished by making it more like broker-dealer regulation under a uniform fiduciary standard, advisors may not be happy with that direction.