Mark Casady Of LPL Says An SRO Would Take Away RIAs' Edge - And That's Why He Wants It Hot
Casady reportedly told industry bigwigs at a recent FINRA conference that "we have to have an SRO" for RIAs in order "to be sure we're even-handed."
Otherwise, he says, RIA firms have an unfair competitive advantage because their current regulatory burden under the SEC is so much lighter than what brokerage firms have to deal with under FINRA.
As the industry and Congress debate whether the SEC should keep supervision over larger registered investment advisors or, instead, whether oversight should pass to a self-regulatory organization (SRO) -- maybe FINRA, maybe not -- I've never heard the argument framed in quite that way.
Sure, it's naive to think that this is really all about getting what's best for investors. But if this is a pro-competition move, maybe the FTC should be handling it instead.
This Website Is For Financial Professionals Only
- Despite Its Long Rap Sheet, Merrill Lynch Is Coopting The Fiduciary Message; Thundering Herd Will Beat A Glorious Path To Restoring Investor Trust
- Commonwealth Financial Network Announces New Advisor Affiliation Models: You Can Be A Fee-Only RIA And Leverage The BD's Services
- 2012 Report Identifies Top Five Challenges For Broker-Dealers Along With Industry Trends And Best Practices
- Lincoln Financial Advisor Defamation Case Highlights The Limitations Of Brokercheck