Glass-Steagall Stealth Reform

Thompson, Duane R.
February 2000
Journal of Financial Planning;Feb2000, Vol. 13 Issue 2, p26
Academic Journal
This article discusses the effect of state or federal laws on the financial planning profession in the U.S. While the rest of the marketplace has joined with financial planners in consolidating advisory services, regulators nonetheless remain locked into functional regulation of their jurisdictions. While Glass-Steagall repeal may bring fear of WalMart-sized pricing pressures on financial planners, the new marketplace dynamics may ironically move the profession forward into greater focus. Granted, the brokerage industry is increasingly putting pressure on the U.S. Securities & Exchange Commission and the U.S. Congress for the right to provide advisory services without being registered as investment advisers. And changes to the accounting profession, such as a recent New York proposal to expand the definition of the practice of accountancy to include financial planning functions, may further fragment the regulatory scheme until someone figures out they are all better off being regulated by one entity.


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