Dodd-Frank: FPA, CFP Board Say Much 'Still in Play' for Advisors

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Dodd-Frank: FPA, CFP Board Say Much 'Still in Play' for Advisors

Jul 21, 2011

FPA's Barry and CFP Board's Mohrman-Gillis say advisors will be affected most during year two of Dodd-Frank

As the advisory industry has watched Dodd-Frank's implementation play out over the past year, the largest association of financial planners and the industry's top certification body are warning advisors to continue to pay close attention to the law's progress, as the provisions that most affect them will begin taking shape during the second year of the reform law's life….

For advisors, the real issues are how the SEC creates a fiduciary duty for brokers, harmonization of advisor and broker rules, as well as how the SEC, and, more importantly, Congress itself moves forward on the specifics of advisor oversight—which could come in the form of a self-regulatory organization (SRO) for advisors, Barry (left) says.

Marilyn Mohrman-Gillis, managing director of public policy for the Certified Financial Planner Board of Standards (CFP Board), adds that the House Financial Services Committee's Subcommittee on Capital Markets plans to hold a hearing in September on Sections 913 (fiduciary duty) and 914 (advisor oversight) of Dodd-Frank.

Barry and Mohrman-Gillis spoke with AdvisorOne Washington Bureau Chief Melanie Waddell the day before the anniversary, discussing Dodd-Frank's progress so far, as well as their concerns as implementation of the controversial legislation moves forward. Read more >

Melanie Waddell
July 21, 2011

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