The Financial Services Institute (FSI) recently announced that 15 small and mid-sized firms as well as three Super OSJs (office of supervisory jurisdiction) have joined its membership so far in 2016.
While the financial industry has recently concentrated its focus on challenging the Department of Labor’s fiduciary rule, the FSI is working to provide members with resources to prepare for compliance.
“While we continue our court challenge of the fiduciary rule, we’ve been calling for both advocacy and planning for compliance, since last year,” FSI President and CEO Dale Brown said. “We are excited that so many firms this year have decided to take advocacy even more seriously and unite their voice with the over 100 other member firms at FSI.”
FSI is currently offering tools including a best interest contract exemption (BIC) contract template, a compliance guide, a fillable IRA rollover form, and other items available online.
“We are coming together as an industry for the good of the investing client, and we are leveraging our collective strength and insight to successfully address the new implications of regulatory change,” Amy Webber, president of Cambridge Investment Research and chair of the FSI Board of Directors said.
“Through FSI we have the collective power of over 160,000 business leaders and more than 100 independent firms. Looking across the advice industry, we must challenge ourselves to find ways to work together to make a real difference for our highest priority, the investing clients.”