RIA on FINRA Board Resigns

[Robert10]

GREAAAAAAAAAT!
And now they want FINRA to be the regulator of RIAs?

These guys can't even keep their own clean and now they want MORE responsibility?

Robert Braglia

[CLSJR]

Why is Mr. Blumenschein identified in the headline as an RIA when his RIA status is never mentioned in the story and in fact has nothing to do with the story. He was disciplined as a broker supervising other brokers. Is there an agenda at Financial Planning Magazine to paint RIAs as bad guys and therefore point to an irrelevant fact in the headline instead of writing the truth? The head line should have read "Broker on FINRA Board Resigns." FINRA has no relationship to RIAs, therefore the headline is in error.

[Bradly T.]

This IS weird. Three years ago, this rag had an editorial/political agenda FOR harmonization and uniform fiduciary obligations. RIAs were presented as the epitome of professional standards and expertise. Now? Evidently the wind blows another way today. As a dualie, I've got an oar in on both sides and don't really believe my vehicle is under the same level or kind of threat it was in 2010. The perpetual ponzis must have gotten to the editorial board. Now it's the prior darling under relentless attack and change. All of which fails to address the reality that no retail model had a damn thing to do with the collapse anyway at any time and also fails to identify any lack of regulations but rather a lack of enforcement of regs already in place.


But besides the fundamental change in philosophy and perpetual focus on flow and momentum and hot tips of the month and, as pointed out, the horrific "journalism" displayed here regularly - the most infuriating thing of all is the magazine named for Planning should even have an editorial position. Advisors are NOT planners, despite Veres inability to distinguish the distinction. Like the Noncoalition, this rag is misdirected AND misguided. Is there actually a coalition or magazine or any agency that IS dedicated to Financial Planning, giving equal importance and weight to the many elements of planning and its primary directive - the creation, protection, and distribution of household wealth by the prudent management of ALL cash and ALL cash flow. Neither reps nor advisors can replace or replicate planning and planners. And yet all that is presented is about portfolios and securities. It's a shame. A disgrace really.

[Survivor]

I would like to know: (1) How did he get a position on that Board at FINRA? (2) How much was he getting paid to serve on that Board? (3) How can somebody like me get to compete for that same job now that he has stepped down?

[Robert10]

Forget it, Survivor - you are probably too smart and too ethical!