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Registered Rep. March 30, 2005 John Churchill	House Urges SEC to Adopt Broker-Dealer Exemption Rule At issue, at least as far as financial planners are concerned, is that registered reps are presenting themselves as fiduciaries, when in fact they are brokers with a less-than-fiduciary responsibility to their clients.
Registered Rep. December 1, 2005 Andrew Osterland	Brokering Advice The essential difference between brokers and registered advisors, say financial planners, is fiduciary duty. The notion that b/ds have a lighter burden of regulation than registered advisors, however, is something the securities industry vigorously disputes.
Registered Rep. February 1, 2005 John Churchill	A Monster Issue Will the SEC withdraw the Broker-Dealer Exemption, causing reps to back away from adviser status? If so, the impact could cause substantial disruption in the markets.
Registered Rep. April 6, 2005 John Churchill	SEC Adopts Broker-Dealer Exemption Over the vociferous objections of fee-only financial planners, the SEC voted unanimously to permanently adopt the broker/dealer exemption rule, formerly known as the Merrill Lynch exemption.
Registered Rep. April 8, 2005 John Churchill	`Merrill Rule' Debate Not Over The SEC unanimously voted to allow Series 7 holders, or registered reps, to position themselves as financial advisors -- with certain caveats. But once again the SEC seemed to hedge its bet. So the debate rages on.
Registered Rep. May 1, 2007	The Great Reckoning Whatever the specific business impact the Merrill Lynch ruling may have, many see the return to pre-1999 rules as a chance for the brokerage industry, which has long avoided fiduciary duty for business and regulatory reasons, to overcome those obstacles and embrace it.
Registered Rep. February 2, 2006 Kristen French	Brokers Learning to Play by New Rules It's no longer business as usual on Wall Street. Starting yesterday, broker/dealers must follow a new SEC rule that requires them to disclose at certain times that they may not be acting in their clients' best interest.
Registered Rep. March 30, 2007 John Churchill	Surprise! FPA Wins Lawsuit Against SEC and the Broker-Dealer Exemption Three years after suing the SEC over the controversial "Broker Dealer Exemption" rule, a federal court has ruled that the SEC exceeded its authority in adopting the rule.
Registered Rep. December 1, 2004 John Churchill	If You're a Broker and You Know It As the holiday season approaches, the SEC is getting daily entreaties from registered investment advisors seeking an end to the broker/dealer exemption rule.
Registered Rep. February 1, 2006 Kristen French	Both Sides Now Brokers who hold dual licenses -- both the Series 7 and Series 65 licenses -- will have to take fiduciary responsibility on some accounts. But they can also sell investments, after they make it crystal clear that they're doing so.
Registered Rep. January 3, 2008 Christina Mucciolo	SEC's RAND Study Released The SEC release the results of the RAND study, which examined how broker/dealers and investment advisors market products and services to investors, and how investors understand the differences between investment advisors and broker/dealers.
Registered Rep. December 1, 2006 John Churchill	Of Two Minds An internecine argument at the FPA gets to the heart of one of the industry's more vexing problems: Should brokers be able to position themselves as financial planners?
Registered Rep. October 8, 2004 John Churchill	Are Reps Advisors or Mere Brokers? The CFA sent a comment letter to SEC Chairman Donaldson, suggesting the nature of the services, not the compensation model, is what is important. And the current exemption misses this point.
Investment Advisor March 2008 Bob Clark	The Empire Strikes Back Wall Street's crafty response to its whipping over the Merrill rule.
Investment Advisor March 2006 Melanie Waddell	Piling On Keeping up with compliance chores will continue to occupy a substantial portion of advisors' time, as industry officials and observers are steadfast in their belief that regulatory scrutiny by the SEC and NASD isn't going away.
Registered Rep. March 1, 2008 John Churchill	Fix Advisor Laws! Laws should reflect the fact that the differences between registered reps and registered investment advisors have largely evaporated.
Registered Rep. April 1, 2007	Turf Wars Over Advice The age-old debate between the b/d and investment advisor (RIA) industries over who should be able to provide advice and when, and whose regulatory regime offers better investor protections, is far from over.
Registered Rep. April 29, 2005 Kristen French	Raymond James Fined, Drops Fee-Based Brokerage---Will Others Follow? Following the NASD fine of Raymond James for pushing fee-based accounts on the wrong clients, the next question is how the settlement will affect other firms that offer the same accounts, including wirehouse giants Morgan Stanley, Merrill and Smith Barney.
Registered Rep. February 1, 2005	By the Numbers Top 10 Broker/Dealers, by Advisor Headcount: Merrill Lynch... Wachovia... Smith Barney... Morgan Stanley... etc.
Registered Rep. November 3, 2004	Broker or Advisor---Who Knows the Difference? More than half of American investors look to brokers for more than just transactional assistance, according to new research, which also finds that investors don't understand the differences between brokers and registered investment advisors.
Financial Planning July 1, 2005 James A. Barnash	Why We're Suing The FPA president explains the lawsuit over the SEC's broker-dealer rule that exempted certain broker-dealers from disclosure standards that apply to investment advisers and most financial planners.
Investment Advisor May 2007 Melanie Waddell	Victory for the FPA The U.S. Court of Appeals for the D.C. Circuit overturned the SEC's Merrill rule.
Registered Rep. October 1, 2002 David A. Geracioti	Outgrowing the Series 7? Registered investment advisors must take the Series 65 exam. As the line between brokers and financial advisors blurs, what responsibilities do brokers that dispense advice and collect a fee based on assets have?
Financial Advisor May 2006 Andrew Gluck	New Rule Causes Software Schizophrenia New financial software programs for advisors reflect the difference between fiduciary and suitability requirements.
Registered Rep. September 13, 2004 John Churchill	A Broker or An Advisor? A hot topic among the financial planning community as financial planners continue to try to define and bolster themselves as a profession: fiduciary status. Of particular concern is the "broker-dealer exemption rule" to the Investment Advisers Act of 1940.
Investment Advisor June 2007 Melanie Waddell	SEC Won't Appeal Court Ruling The SEC has decided not to appeal the recent ruling which exempted brokers from being subject to regulation as investment advisors in fee-based brokerage accounts, on the basis that the SEC had exceeded its authority under the Investment Advisers Act of 1940.
Investment Advisor May 2007 Bob Clark	We Win, Sort Of How the FPA can make the most out of its upset victory over the SEC.
Financial Planning November 1, 2009 Robert Pozen	Think Twice Congress is seriously debating legislation that would significantly expand the coverage of the Investment Advisers Act, empower the SEC to make rules on advisor compensation and increase the likelihood of lawsuits against advisors.
BusinessWeek August 30, 2004 Amy Borrus	Brokers Aren't Advisers The line between brokers and advisers was clear for decades. But in 1999, the Securities & Exchange Commission blurred that line. Now, to protect investors, the SEC must redraw a clear line.
Registered Rep. October 23, 2006 John Churchill	Opulence (and a Wee Bit of Strife) at FPA Confab in Nashville Education and networking were on order at the recent annual Financial Planning Association conference.
Registered Rep. March 16, 2012 Kristen French	Wire Houses Minting Fiduciary Advisors -- Or Are They? None of the firms will go on record as to whom specifically in the rank and file is adopting the standard, nor will they provide much detail on what that training looks like.
Registered Rep. March 11, 2009 Christina Mucciolo	Brokers Versus Advisors--SIFMA Wants "Universal," Not Fiduciary, Standard Will the patchwork rules governing the conduct of Series 7 holders and registered investment advisors, a patchwork that confuses the public, finally be sorted out?
Financial Planning May 1, 2006 Bob Veres	False Fiduciaries The so-called resolution of the SEC's "Merrill Lynch rule" does nothing to keep brokers from providing financial advice without assuming legal responsibility.
Registered Rep. August 1, 2006	The Broker-Dealer Exemption: Good or Bad for the Investing Public? (Oy, This Still Hasn't Been Resolved?) True financial advisors -- those who hold Series 65s and Series 66s, and who are fiduciaries -- aren't too happy that Series 7-holders have been able to cast themselves as financial advisors.
Financial Planning June 1, 2007 Bob Veres	Victory, for Now Brokerage firms have little choice but to adapt to a world in which their traditional service -- clearing trades and executing transactions -- has become "solely incidental" to the increasingly valuable business of providing advice.
Investment Advisor February 2008 Melanie Waddell	A Groundbreaker SEC's Rand report, of the broker/dealer and investment advisory industries will dominate the discussion among brokers and advisors in 2008.
Registered Rep. May 14, 2007 John Churchill	"Merrill Lynch" Rule Dead, But SEC to Ask for Time The securities industry still hopes that the SEC will somehow come up with a new plan to keep the fee-based brokerage account from coverage by the Investment Advisers Act of 1940, which mandates that to offer financial advice, you have to be a fiduciary.
Investment Advisor July 2010 Melanie Waddell	A Whirlwind of SEC Activity Harmonization of advisor and B/D rules will move forward.
BusinessWeek April 11, 2005 Toddi Gutner	Broker Or Adviser? Be forewarned: If yours is employed by a brokerage, your interests come second
Investment Advisor September 2005 Dan Danford	The IA Soapbox: Sorry, Bob. They Still Don't Get it There is no such thing as incidental financial advice. Either financial planning is being done properly and in the sole interests of the client (as in fee-only) or it's just being used as a ploy to sell investment products.
Investment Advisor May 2007 Kathleen M. McBride	Exemption Vacation "To be, or not to be?" a fiduciary is the question of the hour for broker/dealers.
Financial Advisor November 2005 Tracey Longo	The Embattled Broker Exemption Rule While advisors talk a good game about their desire to see consumers protected by meaningful regulation, the Financial Planning Association remains the sole litigant in its lawsuit against the Securities and Exchange Commission's so-called Merrill rule.
Financial Planning June 1, 2007 Marshall Eckblad	The United Way The FPA's unexpected victory could pave the way to new regulations that cover both brokers and investment advisors.
Registered Rep. August 28, 2007 John Churchill	SEC Principal Trade Proposal: A Stalling Tactic? A 2-year "interim rule" would allow large brokerage firms that also have many other business lines to meet their fiduciary obligations to customers while still engaging in principal trading activity -- selling customers products from their own inventory.
Financial Planning March 1, 2008 Bob Veres	Deconstructing Rand A report written by the Rand Corp. will help the SEC's staff decide who should and should not be registered as an registered investment advisor, and to determine whether investors understand the differences between and relationships among broker-dealers and investment advisors.
Registered Rep. February 18, 2004 John Churchill	SEC Puts Forth Mutual Fund Rules Proposals The SEC has put forth three proposals that could drastically change the way mutual funds are sold.
Investment Advisor January 2006 Bob Clark	Clark at Large: Two Steps Back? Just when FPA is moving into high gear, some of its rhetoric sounds suspiciously retro.
Financial Advisor June 2007	Frontline News SEC Won't Appeal Court Decision... Fidelity Offering For RIAs... 12(b)-1 Fees, Advisors' Growing Role, Are Focus At ICI Fund Conference... etc.
Investment Advisor September 2009 Bob Clark	Clark at Large: These Guys Are Good Did you ever get the haunting feeling that something was going too well? That's how I'm starting to feel about the reregulation of the advisory world, which is part of the Obama Administration's overhaul of the financial services industry.
Financial Advisor December 2005 Harold Evensky	Unintended Consequences Brokers must forego the bells and whistles accompanying much of the current planning software if they wish to avoid having to register as investment advisors; however, that should not prevent them from appropriately using these analytics in arriving at suitable recommendations for their clients.