The independent broker-dealer group that has come out in favor of registered investment advisors moving to FINRA supervision just got a very powerful friend in the industry.
FSI is presumably already aligned with LPL's goals -- it's run by Bill Dwyer, who just happens to be LPL's head of marketing -- so this largely just beefs up the group's membership.
LPL reps get access to FSI communications and analysis of breaking regulatory topics.
The move represents a fairly significant expenditure on LPL's part. Next year, its reps who choose to remain members will have to pay a discounted $99 a year to stay in the group, so we are looking at over $1.2 million in membership fees here.
Dwyer says the group is the only one focused on "the industry-wide advocacy needs of independent financial advisors" and that the stronger relationship is designed to "protect" advisors' ability to stay in business, regardless of compensation model.