Financial Services Institute Launches Major Fiduciary Counter-Campaign In Washington Hot

With the fiduciary status of 401(k) plan advisors now back in question, the pro-broker Financial Services Institute is hitting Capitol Hill with a vengeance to get its views on the public record.

FSI representatives have scheduled some 200 meetings with various congressmen and congresswomen over the next week.

They aim to clarify their concerns about whether new rules for fiduciaries will squeeze commission-based advisors out of the retirement plan market.

They're also going to be pushing the self-regulatory organization for RIAs, which they think is a fine idea. Most of their RIA members are already regulated by FINRA -- they're dual-registered independent brokers -- so a move from direct SEC oversight would actually streamline their compliance burden.

A4A readers know where FSI stands. The question is, where are the high-profile lobbying groups arguing for stricter fiduciary rules?

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