SEC’s Reg BI Strengthens Investor Protections

We strongly support Chairman Jay Clayton moving the SEC forward to finalize its Regulation Best Interest (Reg BI) proposal.

Each day, America’s financial advisors go to work in communities across the country to help their neighbors develop plans to save for retirement, send their kids to college, buy a house, or meet other financial and family goals. In this business, relationships are everything. Trust and confidence between advisors and their clients must exist for a strong relationship to flourish.

Main Street financial firms have always sought to maintain the trust and confidence of their clients by acting in the best interest of those clients – not only to remain in business, but because it’s the right thing to do. That is why the American Securities Association (ASA) has supported efforts by the Securities and Exchange Commission (SEC) to take regulatory action that codifies a “best-interest standard” into law. This enhanced level of accountability is necessary to weed-out the bad actors that tarnish the industry’s reputation and harm the confidence of retail investors.

We strongly support Chairman Jay Clayton moving the SEC forward to finalize its Regulation Best Interest (Reg BI) proposal. While the debate has unfortunately been hijacked and purposely misrepresented by political extremes on both sides of the aisle, the fact is that Reg BI will strengthen investor protections, protect retirement savers, and preserve investor choice.

To read the full op-ed, click here.