The leadership of the CFP Board of Standards expressed serious concern Friday about proposals under consideration on Capitol Hill to regulate financial advisors via an entirely new regulatory body or FINRA. The role should properly stay with a better-funded and newly empowered SEC, according to the leaders of the CFP Board, speaking at a private media roundtable in San Diego.

“The purpose here is to speak with one loud, clear voice on behalf of financial planning professionals,” said Marilyn Mohrman-Gillis, managing director of public policy and communications with the board. “Our position is we are firmly in the camp that setting up a whole new organizational bureaucracy is not the right solution. We need to increase examinations of investments advisors. The SEC has 70 years of experience overseeing advisors. We think the SEC is the adequate body to do that and that the SEC needs to be funded to do that.”

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access