Given the choice, every Wall Street broker, independent broker-dealer rep, insurance-only financial advisor or registered investment advisor would probably like a reduced regulatory presence in their lives. Certainly, independent B-Ds would vote to reduce the level of FINRA intrusion if they could. In the same way, RIAs and their advocates are trying to keep FINRA from becoming part of their lives. FINRA has real teeth.
The current situation results in a competitive advantage for RIAs. And even though most RIA representatives are honest, the existing arrangement leaves gaps in the protection of the public.
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