The Financial Services Institute needs a lot more money to achieve its goals in Washington, and few of its independent broker-dealer members are coming forward with complaints.
As of next year, the organization -- spearheaded by LPL -- will raise its lowest level of annual member fees by 50% to $1,500.
Bigger firms will pay up to five times the $20,000 a year they're paying now.
The group plans to use the money it raises to hire another four lobbyists and broaden its influence in Washington.
They consider themselves as independent as fee-only advisors, but because they're already regulated by FINRA, they have nothing to lose if RIAs shift to a self-regulatory model.
Critics of the SRO don't really have that kind of voice in Washington. It would be nice if they did.
Otherwise, it's just not going to be a fair fight.