Frank Sullivan recently attended the SER (Securities Experts Roundtable) Annual Conference in Chicago July 27,28,29.
The main issue is Fiduciary Rule posited by the DOL: THE CUSTOMER’S INEREST MUST COME FIRST.
The impact has been to have FINRA update its supervision and remind Registered Investment Advisors of the SEC Act of 1934 of their responsibilty to the Fiduciary Rule. The number of RIA’s has grown and they do not have direct supervision. This is a red flag for the industry to protect investors, including the elderly, from fraudulent and negligent financial practices. Particular attention was paid to fixed income products and income securities.