HOLLYWOOD, Fla. -- A slew of recent regulatory shifts is keeping examiners busy -- and advisors must know how to react when they get a call from FINRA or the SEC. "The current regulatory landscape is extremely turbulent after Madoff and the financial crisis," says Joan Schwartz, managing director at Pershing, who led a panel on regulatory exams during the firm's INSITE conference in Hollywood, Fla.
Schwartz notes that the current regulatory landscape is marked by a desire to protect Main Street from Wall Street. "It's also an era of transparency -- and it's one of the most challenging times to be in financial services," she says, adding that recent custody requirements for RIAs and the evolution of advice from purely investment advice to broader functions has led to greater complexities and often difficulties with regulators.
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