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As President Obama takes the gloves off, pro-broker groups throw up 'sledgehammer' response

After a lot of waiting around FSI calls this news 'the real thing'

Tuesday, February 24, 2015 – 8:31 PM by Lisa Shidler
Admin:
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President Obama: There are a whole lot of advisors that do put their clients first.

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Steve Patterson

Steve Patterson

February 24, 2015 — 9:21 PM

This is long over due, I am for full disclosure.
But where was the White House’s full disclosure on the ACA?

martinyale

martinyale

February 24, 2015 — 9:27 PM

The CFP. What a crock. Most of the licensees are stockbrokers in sheep’s clothing. Using the moniker to dupe unsuspecting investors into high priced annuities, managed futures, private equity, proprietary bond trading, load mutual funds, etc, etc. Their cynicism knows no bounds.

Maybe they deserve it. Maybe Gruber was right. “Call it the stupidity of the American voter”/investor.

Stephen Winks

Stephen Winks

February 24, 2015 — 10:23 PM

The brokerage Congressional lobby has long denied the “retail investor” the same consumer protections accorded to all other investors. Presidential action is the only way to counter the corrupting political influence of the brokerage industry where broker/dealers and their regulators (SIFMA and FINRA) do not want the broker to be responsible for their brokers recommendations nor to have ongoing fiduciary duties required by statute to be in the investors best interest. How could the brokerage industry and Congress be against brokers acting in the consumers best interest?

Campaign contributions are the mothers milk of politics and the brokerage Congressional lobby has the deepest pockets ready for the taking. Don’t we all know what has happened. The only possible explanation why Congress has granted extraordinary regulatory powers to former brokerage industry trade associations (National Association of Securities Dealers (now FINRA) and the Securities Industry Association (now the SIFMA) is that Congress thought these regulators would support the best interest of the investing public, when in fact rather than acting as regulators protecting public trust, these regulators are still acting as brokerage industry advocates. No one would have timagined at the time that the self interest of the brokerage industry would be put ahead of public trust. Yet, just read the brokerage industry tortured rational on why it is in the investors best interest that brokers act against the investors best interest. The Congressional brokerage lobby is actually that influential, clearly counter to the best interest of the investing public, clearly terrible public policy. This is wrong and we can not rely on Congress to do the right thing. Thus the President had to act.

Obama got this one right.

SCW

Stephen Winks

MitchellK

MitchellK

February 24, 2015 — 11:15 PM

Why is it that with such an important issue the writing in this article is so abysmally poor. Many sentences are fragments. Many sentences lack a verb. It seems as if a monkey got to a typewriter and the editor was drunk when it was being edited. Really, how can you publish something this badly written?

The issues at stake are among the most important ones advisors will face in the next two years as this rule goes through the usual Mixmaster in DC. At least you could have been more careful in your quotation editing.

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