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Who watches the watchers?

smalladvisorsunite
Sep 24, 20211 min read

The SEC and FINRA are supposed to be watching the broker dealers, the Registered Investment Advisors. Who is watching the SEC and FINRA?

 
 
 

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Comments

Broker Dealers seem quite casual, if not indifferent, to informing RIA clients that they have terminated the contract with their advisor. Almost like telling a motorist he left his car lights on. Broker Dealers refer to these individuals as account holders, while RIA's refer to them as clients. If you ask a compliance person at a Broker Dealer how the recipients of the notice of termination are likely to "feel" after receiving notice, they will show you that they have not given the matter much thought, and really don't care. 

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