Whether or not planners like the idea of being regulated by FINRA, some could end up paying fees of $51,700 or more a year for the privilege, according to a study commissioned by the Financial Planning Coalition, composed of FPA, CFP Board and NAPFA.

“I think this would absolutely impact all of our small business owners,” said Karen Nystrom, manager of public policy and advocacy with NAPFA. “We agree that more oversight is needed but where we differ is the most cost effective way to get there.”

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