FINRA Estimates Dramatically Lower Costs
To Run an SRO
To become the industry’s SRO, FINRA estimates it will cost roughly 15 times less in start-up costs than estimates in a study commissioned by the Financial Planning Coalition, which includes CFP Board, FPA and NAPFA.

Potential Cost of SRO Bill
To Advisors' Wallets: $51,700
“I think this would absolutely impact all of our small business owners,” said Karen Nystrom, manager of public policy and advocacy with NAPFA. “We agree that more oversight is needed but where we differ is the most cost effective way to get there.”

Proposed California Retirement Bill
Dies in Committee
Large retirement plan providers tried to offer California’s teachers and other education workers simpler plan options, but the Financial Services Institute said it should not come at the expense of access to quality personalized investment advice.

Advisors, Clients Brace for More IRS Scrutiny
Advisors be forewarned: your small business clients are more likely to be audited next year. The IRS is beefing up its ranks of auditors and doing more audits.

Institute Takes Issue With SIFMA
On Proposed Uniform Fiduciary Rule
“SIFMA’s views are not supportable and would make a mockery of the fiduciary standard,” according to The Institute for the Fiduciary Standard in a letter to the U.S. Securities and Exchange Commission.

FINRA Sanctions Four Firms
For Improper ETF Sales
The four firms were fine a total of $9.1 million for not having adequate supervisory systems in place for billions of dollars of sales of leveraged and inverse ETFs.

RIA on FINRA Board Resigns
Joel Blumenschein, a Wisconsin RIA, has resigned from FINRA after settling a disciplinary case alleging he failed to supervise a broker at his firm.

Fund Group Rails Against SEC’s
Money Market Proposals
Two groups representing mutual fund independent directors and trustees are joining together to voice their concerns about the changes to money market funds currently being considered by the Securities and Exchange Commission.