"We're kind of neophytes out there and we've got a long way to go,"
Tittsworth's group recently organized a forum in
The FPA organized a similar but separate gathering earlier this year, pressing for some of the same issues as the IAA, including support for the user-fee bill and the uniform fiduciary standard for broker-dealers and RIAs that the
But when FPA leaders and members sat down for their meetings, it quickly became clear that the countervailing forces in the fiduciary debate had already made their voices heard on
"One thing we can tell you is our opposition was there before us," says
Advocates of a uniform fiduciary standard have been frustrated by the slow movement on the issue at the
"I think the first thing we've got to recognize is we're losing," Rostad says. "And we're losing pretty badly."
But hope springs eternal. Advocates are urging advisors to make their voices heard on the fiduciary standard and user-fee legislation, and see benefit in keeping pressure on policymakers, even if they're fighting an uphill battle. "Advocacy is cumulative," Nystrom says.
Opponents of the user-fee proposal have called for legislation that would authorize the
Mohrman-Gillis sees a measure of urgency in the examination issue, warning that the lax oversight of the RIA segment creates a hospitable environment for bad actors.
"I think that there's a recognition in the advisor industry that the current level of examination is a ticking time bomb, and that it's not good for the industry as well as not good for the consumer," she says. "And so I think there's a willingness for advisors to step up to the plate."
Recent movement on the issue, modest as it's been, has been in favor of the user-fee camp. In July, Rep.
The IAA's Tittsworth says that change of course was nothing short of miraculous, though he acknowledges that the efforts to advance user-fee legislation in the House — and produce a companion bill in the
"We're still trying to get bipartisan legislation, similar legislation, introduced in the
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