Another big membership win for the Financial Services Institute, the industry group that has been aggressively lobbying for the interests of independent broker-dealers and their affiliates.
FSI just added the NFP Advisor Services Group to its list of corporate partners, giving it all 1,400 NFP reps as members and bringing its total membership base above 35,000.
At this point, the FSI now speaks for 45% more industry professionals than the Financial Planning Association. Its growth has been exponential as it recruits big firms, which then sponsor individual membership for their affiliates.
Barely six months ago, the FSI had maybe 15,000 members.
This kind of momentum is helping the group exert itself in Washington, renegotiating the limits of the fiduciary standard for broker-dealer reps, for example.