As SEC Readies for Vote on Regulation BI, RIA Advocate
“TD Ameritrade Institutional for 15 years has proudly stood and fought at the side of RIAs. We come to
Schweiss goes to
Reg BI Up for SEC Vote on
RIAs are meeting lawmakers at a historic moment.
Advisors have mixed views of the proposed regulation. A recent survey of independent RIAs5 conducted for TD Ameritrade Institutional found that though half (51%) say they do not have strong opinions on the SEC’s Reg BI as proposed, 35 percent say they are in favor of it, while 14 percent are opposed. But if Reg BI as proposed were enacted, roughly half (48%) of RIAs expect business will continue as usual.
RIAs accept some aspects of the SEC’s proposed Reg BI but are lukewarm on others. More than seven in 10 agree with introducing licensing and continuing education requirements for RIAs, and 85 percent believe RIA clients should receive periodic statements showing fees. On the other hand, 45 percent disagree with imposing minimum capital requirements on RIA firms, and 69 percent oppose RIA fidelity bonding requirements.
“Regulations can impact the ability of thousands of independent advisors to compete in the marketplace, yet most RIA firms are small businesses that need to focus on serving their clients,” said Schweiss. “We come to
The survey conducted for TD Ameritrade Institutional also found that independent RIAs consider regulatory issues to be their top management challenge. Advisors also say that, second only to technology, their biggest spending increases year after year are on managing regulatory and legal issues.
To learn more about TD Ameritrade Institutional’s RIA advocacy efforts, please visit https://www.tdainstitutional.com/why-ria/advocacy.html
About TD Ameritrade Institutional
TD Ameritrade Institutional empowers more than 7,000 independent registered investment advisors to transform the lives of their clients. It provides powerful technology and resources that help simplify running a business and let advisors spend more time doing what matters most — serving their clients. Through meaningful innovation, steadfast advocacy and unwavering service, TD Ameritrade Institutional supports RIAs as they build businesses that positively impact their clients and communities. TD Ameritrade Institutional is a division of
1 TD Ameritrade Institutional is a division of
2 Retirement Security: Most Households Approaching Retirement Have Low Savings,
3 Retirement Insecurity 2019,
Joseph A. Giannone
Communications + Public Affairs