Dear Mr. Chairman

Lee, Shelley A.
November 2001
Journal of Financial Planning;Nov2001, Vol. 14 Issue 11, p54
Academic Journal
The article focuses on compliance and regulation among financial planning professionals in the United States. In the accurate, concise, black-and-white world of compliance and regulation for financial planning professionals, much of the information--aka rules and regs--seems, according to many planners, totally irrelevant to their businesses. All in the name of consumer protection. Perhaps the regulators--possibly even in-house broker/dealer compliance professionals--just don't quite understand the nature of financial planning today enough to enact true functional regulation. Much of the regulation designed to protect the public doesn't even apply to planners. There's the U.S. Securities & Exchange Commission and the states for investment advisers and the NASD for registered reps and they don't come together all that often. But for a broker/dealer of independent planners made up of those very people, who are often one and the same, it comes together every day. Other compliance consultants believe that planner grumbling about the burdens of compliance and regulation has little, if anything, to do with regulators not understanding who or what a financial planner is, but more to do with planners' refusal to deal with the disclosure issue head-on. INSET: Karaoke and Compliance: Reps Just Wanna Have Fun.


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