10 years ago in the Profession

October 2000
Journal of Financial Planning;Oct2000, Vol. 13 Issue 10, p21
Academic Journal
This article provides information on the Boucher bill reported in the September 2000 issue of the Observer. The federal legislation would have required anyone holding themselves out to the public as financial planners or providing financial planning services to register as investment advisers under the federal Investment Advisers Act of 1940 was tabled into 1991. The Boucher bill was widely supported in the financial planning profession because it potentially would have leveled the playing field. Accountants and attorneys objected to the bill because they would have had to register even if giving advice on a part-time basis. Funding for the planner registration also was a hurdle. Drafters of the legislation wanted the U.S. Securities and Exchange Commission to pay for the program through registration fees, but federal law precluded that.


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