House Financial Services

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  Brokers Manage Products; Investment Advisors Manage Process

  By Steve Weydert, CFP, MS  |  July 24, 2012

  The absurdity of suggesting that investment advisors and broker-dealers often provide “indistinguishable services” demonstrates a stunning depth of misunderstanding regarding the two industries.

• The Heat Rises on FINRA as Advisor SRO

  By Melanie Waddell, AdvisorOne  |  June 26, 2012

  Just as a government watchdog is pressuring the Securities and Exchange Commission (SEC) to beef up its oversight of the Financial Industry Regulatory Authority (FINRA), Congress is mulling whether to give FINRA the power to oversee advisors.

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  SRO Bill May See July Vote; SEC Gets Glint of Hope for Extra Funds

  By Melanie Waddell, AdvisorOne  |  June 14, 2012

  Despite the fact that a late June markup of Rep. Spencer Bachus’ SRO bill was delayed, he still “intends to move the bill forward through committee,” says Dan Barry of FPA.

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  NAPFA: 8 Ways FINRA Oversight Will Hurt Indie Advisors

  By Joyce Hanson, AdvisorOne  |  June 5, 2012

  NAPFA has sounded the alarm against House Financial Services Chairman Spencer Bachus’ bill calling for a SRO to oversee advisors.

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  Bachus’ SRO Bill Blasted by Government Watchdog

  By Melanie Waddell, AdvisorOne  |  May 29, 2012

  The nonpartisan Project on Government Oversight told Reps. Spencer Bachus and Barney Frank in a letter on Tuesday that it opposes Bachus’ bill to create an advisor SRO.

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  Bachus Reintroduces SRO Bill

  By Melanie Waddell, AdvisorOne  |  May 22, 2012

  House Financial Services Chairman Spencer Bachus reintroduced in late April his draft bill calling for a self-regulatory organization (SRO) for advisors.

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  Bachus, McCarthy Introduce SRO Redraft

  By Melanie Waddell, AdvisorOne  |  April 25, 2012

  House Financial Services Chairman Spencer Bachus reintroduced on Wednesday his draft bill calling for an SRO for advisors—one week after industry sources told AdvisorOne that an SRO bill was imminent.

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  Fiduciary Duty Concept Release Likely by Summer: Ex-SEC Exec

  By Melanie Waddell, AdvisorOne  |  April 23, 2012

  The SEC may likely issue a concept release this summer regarding putting brokers under a fiduciary mandate, Andrew “Buddy” Donohue, the former director of the SEC’s Division of Investment Management, said Monday.

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  Bachus to Introduce SRO Redraft Early Next Week: Industry Officials

  By Melanie Waddell, AdvisorOne  |  April 12, 2012

  Rep. Bachus' revised bill comes despite economic analysis saying SRO would cost twice as much as funding the SEC.

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  Bachus SRO Redraft Likely This Year: IAA’s Neil Simon

  By Melanie Waddell, AdvisorOne  |  March 9, 2012

  Top lobbyist for Investment Adviser Association said Rep. Spencer Bachus will release this year revised legislation calling for a self-regulatory organization for advisors, though action may wait until new Congress in 2013.