Several provisions affecting advisors contained in President Obama’s budget blueprint drew sharp reactions from many corners of the industry, with groups variously praising measures to increase funding for securities regulators and blasting provisions concerning taxes and retirement planning.

Obama's 2014 budget would channel an additional $350 million to the Securities and Exchange Commission over the current year's appropriation. The SEC, which is vested with the responsibility for reviewing the practices of financial advisors, has acknowledged the limitations of the resources it can direct toward those exams, admitting that its oversight of the sector is inadequate. In 2011, for example, the SEC reported that it only examined 8% of registered advisors, while 40% of the advisors under its purview have never been audited.

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