Prominent Advisors Come Out In Favor Of Student-Created RIA Regulator Hot

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The Self-Regulatory Organization for Independent Investment Advisors (SROIIA) began about six weeks ago as an experiment in reframing the debate around whether advisors could build their own regulatory organization or would be forced to accept FINRA oversight.

 

Since then, the group has remained more of an abstraction than anything else -- until a blue-ribbon committee including Sheryl Garrett, Harold Evensky, Ronald Roge, and others recognized it as a possible alternative to FINRA.

 

The Committee for the Fiduciary Standard "strongly" supports an RIA-only SRO in order to preserve the fiduciary channel as separate from less conflict-free modes of delivering investment advice.

 

If that means turning the SROIIA into a full-fledged regulator as an alternative to FINRA, then, apparently, so be it.

 

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