Planners Expect Higher Regulatory Costs From Either The SEC Or FINRA - But They'd Prefer The SEC


Marilyn Mohrman-Gillis and Susan John argued recently that FINRA has too many conflicts of interest to effectively monitor RIAs.


Mohrman-Gillis, who heads up the public policy team at the CFP Board of Standards, told the audience at a Women Advisor Conference panel that you just can't have a broker-dealer watching an advisory firm.


And if FINRA has to create a new RIA unit, she wonders, what's the point of assigning RIAs to FINRA in the first place?


John, the head of NAPFA, notes that a better-funded SEC could monitor advisors, but those funds mean higher taxes instead of FINRA user fees.


Either way, she says, RIAs will need to spend more on their own regulation.





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