Imagine that you run what this industry considers a small advisory practice with about $100 million in client assets under management.
In times past, your business might not attract a lot of scrutiny from the Securities and Exchange Commission, or even the likes of Financial Industry Regulatory Authority. Although the SEC has decided that those firms should fall under state supervision, there is not a lot of convincing evidence that this shift will go a long way to providing meaningful solutions to financial regulatory reform.
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