Respectfully submitted by FPA NENY Advocacy Chair James Lee, CFP®
The Financial Planning Association released the results of a survey which sought membership opinions on issues related to the regulation of financial planners.
Among the findings:
- Over 90% of respondents agree that it is important that financial planning be recognized as a distinct profession.
- Nearly 75% said it was important that financial planning be regulated as a distinct profession and 70% said they would support the regulation of financial planners on the state level similar to how attorneys and CPAs are regulated.
- Approximately 80% agreed that an SEC uniform fiduciary standard should apply to all financial service providers offering personalized investment advice.
- About 68% agreed with the FPAs position supporting a clarified and modified Department of Labor fiduciary rule for ERISA retirement accounts. 11% disagreed with the position, while 21% didn’t know.
The full results of the survey, which are statistically significant, can be found HERE.