Financial Planning Coalition Renews Call for Increased Adviser Examinations by SEC

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Financial Planning Coalition Renews Call for Increased Adviser Examinations by SEC

Feb 12, 2013

Noting widespread agreement on the urgent need to better protect investors, the Financial Planning Coalition today renewed its call for a proactive, meaningful solution to prevent future investor fraud, including increased investment adviser examinations. With President Obama’s State of the Union being delivered this evening, the Coalition hopes the President will provide greater clarity on the future of investor protection.

Specifically, the Coalition – comprised of the Certified Financial Planner Board of Standards, Inc., the Financial Planning Association (FPA), and the National Association of Personal Financial Advisors (NAPFA), which represents more than 75,000 stakeholders – called for the adoption of the most cost-effective and efficient solution: the enhancement of the Securities and Exchange Commission’s (SEC) existing oversight program. The Coalition strongly supports the SEC using adequate resources for investment adviser oversight to ensure that examinations are conducted at least once every four years without impacting taxpayers or the federal deficit could include the assessment of user fees upon Registered Investment Advisers as an alternative to an SRO regulatory approach.

To achieve the needed oversight, without unnecessarily burdening advisers, small- and mid-sized advisory firms and their clients, the Coalition further encourages solutions that do not require establishing a whole new regulatory bureaucracy. The chosen solution must treat large, mid‐sized and small investment advisers consistently and allow Congress continued direct oversight and accountability over the SEC.

The Coalition looks forward to working with lawmakers, regulators and industry groups on this important issue.

About the Financial Planning Coalition

The Financial Planning Coalition, a group representing nearly 75,000 stakeholders, is a collaboration of Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®), and the National Association of Personal Financial Advisors (NAPFA) formed to advise legislators and regulators on how to best protect consumers by ensuring financial planning services are delivered with fiduciary accountability and transparency. To learn more, please visit

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