1. An Update From Washington
ACR#88750

2. Vision: Access to Advice
Mission: Advocacy

3. For Broker-Dealer Use Only
Your Voice
in Washington
For Broker-Dealer Use Only

4. Advocacy Initiatives 12b-1 Fees Independent Contractor Status
Dodd Frank Implementation
DOL Fiduciary Proposal

5. 12b-1 Fees

6. Independent Contractor Status

10. Dodd Frank Implementation

12. Regulatory Arbitrage In 2011, FINRA examined 58% of BD firms
The SEC examined only 8% of RIAs (average exam cycle of once every 13 years)
40% of RIAs have never been examined
See testimony of Caro di Florio, SEC Director of the Office of Compliance Inspections and Examinations, before the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance, and Investment (November 16, 2011) at

13. FSI Supports Balanced regulatory supervision
Clearly articulated rules of conduct
Effective client disclosures

14. DOL Fiduciary Proposal

16. Threats to Your Business
No commissions on IRAs
No grandfathering
Must transition to fee-based (advisory) = higher costs for clients
Many smaller clients priced out of market for advice altogether

18. Get Engaged

21. For Broker-Dealer Use Only
David Millican, Atlanta, GA
Bob Carson, Maple Lawn, MD
Jeff Gitterman, Iselin, NJ
Mike Hensley, Raleigh, NC
Mark Robare, Houston, TX
Mark Mettelman, President & CEO
Phil Blancato, CEO & President, Ladenburg Thalmann Asset Management
Adam Malamed, COO, Ladenburg Thalmann Financial Services
Dick Lampen, President, CEO, Ladenburg Thalmann Financial Services
For Broker-Dealer Use Only

22. financialservices.org
(888)