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Financial Planning Coalition Concerned by Potential Impediments to Necessary Investor Protection, Urges Improvement to Investment Adviser Oversight

May 17, 2013
Financial Planning Coalition

The Financial Planning Coalition – comprised of Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association (FPA) and the National Association of Personal Financial Advisors (NAPFA) – today expressed concern regarding H.R. 1062 – the SEC Regulatory Accountability Act – sponsored by Rep. Scott Garrett (R-NJ), which would require the Securities and Exchange Commission (SEC) to conduct additional cost-benefit analyses prior to any rulemaking.

There is widespread agreement on the need to provide greater protection to American investors from financial fraud.  The adoption of a fiduciary standard that includes broker-dealers when providing personalized investment advice would help restore and strengthen public trust in financial advisers – both investment advisers and broker-dealers.  Any legislation that creates additional obstacles to SEC rulemaking could needlessly delay or weaken critical investor protection measures such as the fiduciary standard, however unintentionally.

Further, the SEC must be funded properly to support its oversight of investment advisers by increasing adviser examinations, as the current infrequency of examinations is insufficient to truly protect American investors.  Authorizing the SEC to collect user fees from advisers to increase examinations, as introduced in H.R. 1627 by Rep. Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, and Rep. John Delaney (D-MD), is a pragmatic and cost-effective solution to a significant investor protection problem. It will have no financial impact on taxpayers or the federal deficit and is supported by industry groups, consumer organizations and regulators.

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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