You're A Financial Planner; Now What?

On March 30, 2007, the Financial Planning Association made history by winning a lawsuit that vacated SEC Rule 202(a)(11)-1. This forced brokers to become SEC-regulated advisors, and helped to create a division of the two hats in the financial services industry: fiduciary and suitability. This was the one of the first times that the American public was exposed to a discussion that had long been brewing in the financial planning profession, and the fight to improve the fiduciary standard in the financial services industry continues on today. In this episode, we hear from Elizabeth Jeton, Dave Yeske, and Nick Nickolette about the importance of FPA’s lawsuit against the SEC, how FPA is continuing to push for regulation, and why all of this is truly at the heart of our profession. FPA’s lawsuit against the SEC baffled many on Wall Street because there was little financial gain for FPA and its members. The lawsuit was backed by FPA because it directly protected and impacted the American public, and the organization