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An advisor fee bill hits Congress again, this time gaining qualified support from RIA groups

Rep. Maxine Waters' bill, which would require fees from advisors for the SEC, is unlikely to pass, but groups say it will push off FINRA efforts for now

Author Lisa Shidler April 22, 2013 at 5:36 AM
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Skip Schweiss: This bill is the best path we've seen thus far.

RIA Compliance

Stephen Winks

Stephen Winks

April 22, 2013 — 8:55 PM

Like in many industries, process is the key to doing more with less. The industry and regulators both have ignored expert authenticated process and advanced technology to support an unprecedented level of expert counsel at a fraction of the cost of an expensive packaged product. As Edwards Deming counseled, “until you can describe what you are doing in terms of process, you don’t know what you are doing.” When the industry learns this lesson, regulators will find they do not have a budgetary problem associated with the regulation of advisory services. Through modernity and associated innovation the consumer can be assured of electronic compliance to statutory fiduciary requirements built into each advisors/firms investment process at no additional regulatory cost. The important by product is the skill of the advisor in managing investment and administrative values also becomes transparent initiating a virtuous cycle of constant improvement.

This innovation is just months away entailing the convergence of several concurrent breakthroughs representing a multi-generational leap in financial services not possible in a brokerage format, and does not require SEC or Congressional action, just the desire for professional standing in the consumer’s best interests with the means to prove it.




May 7, 2014 — 4:15 AM

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May 7, 2014 — 4:15 AM

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May 7, 2014 — 4:20 AM

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TD Ameritrade
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Top Executive: Tom Nally

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