Advocacy Committee

Description, tasks, wish list/needs, volunteer roles, current initiatives, etc...


As Advocacy Director, Chris will communicate important legislative and regulatory trends that may impact the financial planning profession to the FPA of Greater Phoenix board and chapter members.  We will be reaching out to state officials to raise awareness of the FPA in Arizona and ensure that our issues get heard.


Would you like to:


  • ·        Meet with local and state legislators to share important work of the FPA
  • ·        Talk to members at chapter events regarding issues affecting their practices
  • ·        Work with other chapter leaders throughout the state to promote our mission


Please contact Chris Palermo –


Several updates on legislation that impact our industry:


  • 1)      Stalemate remains on RIA exams:  There appears to be broad consensus in Washington that RIA’s are not examined frequently enough but the stalemate over how to solve the problem remains.  The SEC has repeatedly asked for a increase in appropriations but Republicans have not been inclined to provide more funds for the agency.
  • 2)      Fiduciary issue continues to percolate at Department of Labor, SEC:  Debate on this topic is likely to continue well into 2015.  The original proposal would have significantly expanded who is a fiduciary, but was withdrawn in 2011.  A re-proposal of the rule was originally planned in August, but has now been delayed until at least January 2015.  Chances are the proposal will be pushed further into 2015.  The SEC continues to debate whether to put forward a rule that pulls broker-dealers under the fiduciary duty standard.  Republicans have expressed strong reservations about harmonizing broker-dealers and investment advisors under fiduciary standard, while Democrats seem more supportive.


Please see below for the FPA’s stance on current legislation:


  • 1)      Section 913 of Dodd-Frank –Fiduciary Standard of Care
  • Urging SEC adoption of a rulemaking to extend the fiduciary standard of care to broker dealers who provide personalized investment advice to retail clients.
  • FPA Coalition Position (see attached for additional details):
  • ·        Coalition urges SEC to adopt a uniform fiduciary standard under Section 913 of Dodd-Frank for B/D’s and IAs that is “no less stringent” thank the existing standard under the Investment Advisers Act of 1940.
  • ·        Any proposed rule must have the “best interest of the consumer” concept as its foundation and the Coalition would oppose any proposed rule that weakens existing consumer protections.
  • ·        A strong fiduciary rule must incorporate more than a disclosure regime.
  • ·        Studies show that costs to B/Ds of implementing a fiduciary standard would be minimal.
  • ·        Adoption of uniform fiduciary standard will not negatively affect the availability of investment advice or the range of products for moderate and low income customers.
  • 2)      Section 914 of Dodd-Frank – Investment Adviser Oversight
  • Urging Congress to authorize the SEC to collect reasonable user fees from investment advisers to increase the number and frequency of adviser examinations to protect investors.
  • FPA Coalition Position (see attached for additional details):
  • ·        The FP Coalition urges you to support legislation that would authorize the SEC to collect a “user fee” to improve investor protection for all Americans.
  • 3)      Regulation of Financial Planners
  • Supporting legislative reform that would require financial service providers who hold themselves out to consumers as “financial planners” to meet established competency and ethical standards and to provide financial planning services pursuant to a fiduciary standard of care.
  • FPA Coalition Position (see attached for additional details):
  • ·        There is no direct regulation of financial planners at the state or federal level.  70% of consumers surveyed said they preferred an adviser who could take a comprehensive view of their finances versus one who specializes in one area.
  • ·        Anyone can call themselves a financial planner without being required to meet any competency or ethical standards.  Consumers are harmed by this.
  • ·        The lack of comprehensive regulation results in gaps that allow unqualified and unethical persons to harm investors.  Consumers are harmed by this.

2016 Chair:  Chris Palermo, CFP(R), CFA
 Progress toward Goals:
 Total Membership number/date
 Active Committee members:

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