FINRA attacks Boston Consulting Group over SRO study
BCG sticks to its guns saying that the double-dip cost of SEC oversight makes any FINRA numbers moot
Elmer Rich III
It would be interesting to look at case studies and the accounting of costs in other industries and SROs.
Stephen Winks
Isn’t it interesting that when FINRA is held accountable for cost and effectiveness—they are quick to complain.
In the real world, free market, free enterprise system they may be awakening to the fact that the overhead they have created, its cost and effectiveness, may have lost its relevance by not actively supporting fiduciary standing over the past 70 years in the best interest of the consumer.
To anyone who has followed the debate over brokers having fiduciary responsibility, is there anyone who doesn’t see the brokerage industry as a mess created largely under the 70 year watch of FINRA and its predecessors.
FINRA executives themselves have said, if FINRA is not the SRO for advisors, FINRA looses its relevance. Is there anyone who thinks FINRA is effective or is concerned at all about cost as a federal bureaucracy? They just ask for more money right, unlimited budget, no responsibilities yet top of the market compensation, where the best interest of the industry prevails over that of the consumer. Isn’t this counter to the FINRA mandate? The Boston Consulting Group should dig deeper.
Perhaps we might be witnessing poetic justice, wouldn’t you say?
SCW
Related Moves
Altruist is CTO-less, for now, quasi-intentionally, it says • Ex-rival exec hired to jumpstart cross-selling Orion products to enterprise clients • BlackRock tops Grayscale • Facet outsources estate plans • Advyzon profits off Goldman exodus • Dan Wiener's RIA has new CEO • CFP count tops 100k
Shiralker out at Altruist • Orion gives Trevor Noble his cause • Bitcoin has a new fund king • Software maker benefits from Goldman custody exec. churn • Carson Group denies lawsuit • Merge of Wiener's old shop complete • 100,000th CFP named.
June 7, 2024 at 1:44 AM
Another A-list RIA Schwabbie lands on his feet -- this time at DeVoe & Co. -- after TD Ameritrade merger displacement of 2,000-plus
Tony Parkin takes the reins as president of the San Francisco M&A shop and reunites with ex-Schwab boss who left 14 years ago
May 10, 2024 at 1:29 AM
A canary in the coal mine, Amy Richardson left Charles Schwab & Co. for an RIA -- before the 2,000 layoffs -- now a robust job market is saving the Schwab diaspora, she says
The former Schwab director wants former colleagues to know life exists after Schwab and good job opportunities are plentiful in the financial services sector.
December 20, 2023 at 1:52 AM
Schwab 2,000-layoff aftershocks roil the industry as it's revealed top tech talent -- led by widely regarded veteran Kartik Srinivasan -- were axed, raising questions about future of Schwab innovation
Behind every layoff a human story as pink slip to an 'unbelievable talent' epitomizes company's determination to cut $500 million in expenses.
November 3, 2023 at 3:49 AM
See more related moves
National Association of Personal Finance Advisors
Association
Top Executive: Geof Brown, CAE
MarketCounsel | HamburgerLaw
Compliance Expert, RIA Set-up Firm, Regulatory Consultant
Top Executive: Brian Hamburger
TD Ameritrade
Asset Custodian
Top Executive: Tom Nally
