CFP Board Backs SEC as Entity to Oversee Financial Advisors

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CFP Board Backs SEC as Entity to Oversee Financial Advisors

Sep 17, 2011

The Certified Financial Planner Board of Standards is putting its chips behind the Securities and Exchange Commission and not the Financial Industry Regulatory Authority (Finra) as the proper official entity to oversee investment advisors, the Board officials told reporters at a press briefing at the FPA conference in San Diego on Friday.

CFP Board said it would require an additional infusion of funds from Congress to accomplish the task of the SEC continuing to monitor advisors. Board officials contend that Finra does not have the expertise to monitor and enforce the fiduciary standard for registered investment advisors and questioned whether Finra's operating budget may actually cost investment advisors even higher fees than the SEC. Read more >

Financial Advisor
Jim McConville
September 17, 2011

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