Financial Services Institute President and CEO Dale Brown and Chairman Bill Dwyer met with reporters Tuesday morning to discuss the organization's 2011 initiatives. According to Brown, many are carry-overs from 2010, which they will continue to monitor and advocate for their member firms and individuals when appropriate.
"The implementation of Dodd-Frank and the fiduciary standard of care are the major issues moving forward," Brown said. "We plan to continue to be a part of an ongoing dialogue with regulators and legislators. Achieving a higher uniform standard of regulation and closing regulatory gaps are a part of our core mission."
Brown also mentioned 12b-1 reform and cultivating closer relationships with state regulators, especially where the organization has a concentration of members, as other priorities the organization is pursuing.
Two new initiatives Brown and Dwyer mentioned represent a departure from their traditional mission; more outreach in the retirement savings and investing arena, as well as assisting independent advisors with many of the issues they encounter as small business owners.
"For instance, we had a say (as did many other organizations) in the repeal of the 1099 reporting requirement for businesses with expenses over $600," Brown said.
Brown was quick to note that although the organization is taking on new initiatives, it is taking on new staff as well to ensure it is not "having a say on many issues, but being effective on none."
The organization recently added four new staff members, bringing the total to a dozen, with a new chief operating officer specifically mentioned.
When asked about the previous day's question-and-answer session with Richard G. Ketchum, chairman and CEO of the Financial Industry Regulatory Authority (FINRA), Brown noted there was a clear consistency between Ketchum's public comments and what he says in private.
"As far as the two dissenting members on the fiduciary study results, I was surprised by dissent to what many see as a settled question," he said. "Will [SEC Chairperson] Mary Schapiro (left) now move forward with a three-to-two vote? It remains to be seen."
