PRESIDENT'S MESSAGE
PRESIDENT'S MESSAGE
Jon Beyrer, EA, CFP®
July 2010
Financial Reform - Where's the Beef?
Pity the lawmakers trying to overhaul the tangled web that is the U.S. financial system. The task of trying to prevent another financial crisis by regulating a myriad of risky (and often abusive) practices is daunting. The Financial Reform bill that’s making its way to President Obama’s desk will greatly expand the regulation of insurance companies, banks, securities brokers, hedge funds, mortgage lenders, credit card lenders, auto lenders, and let’s not forget financial advisors.
But when it comes down to protecting consumers from the practices that caused the financial crisis, the Financial Reform Bill has been watered down like a Mint Julep left in the July sun. The fiduciary standard was punted, left to flap in the breeze while the SEC conducts a six-month study. The last study, by the RAND Corp in 2008, found that consumers are confused about what they can expect when they seek financial advice. What’s this new study likely to find? The need for further study, I’d guess.
The bottom line is that consumers are being left unprotected. Whether they’re working with a registered rep, an RIA, or anyone else purporting to give them financial advice, they should receive the same standard of care. Consumers are as confused as ever, and the big lobbies are fighting to keep them that way.
We, the professional community working day in and day out to give sound advice to our clients, need to go on the offensive and help clear up the confusion. What is a financial advisor anyway? What is financial planning? And with all the different players offering to provide advice and planning, what should a consumer expect? As leaders of our profession, we are called to dispel the cloud being spewed by those that would keep consumers in the dark.
Let's Organize!
FPA San Diego’s board is working on programs to increase public awareness of the issues, while helping to put pressure on the lawmakers to step up and protect consumers. If you are interested in getting out there and educating consumers, talking with the media, and talking with lawmakers, click on the GET INVOLVED! section or visit it on our website.
Upcoming Summer Events
July will be full of summer fun at FPA San Diego. We’ll be hosting a Member Appreciation Event at the Del Mar race Track on July 28th. Join us as we network and cheer our best picks on from the Seabiscuit Skyroom overlooking the Del Mar Race Track!
We Want to Hear From You
This is your organization, and the board exists to serve you. What do you want from your chapter? Let us know in an e-mail, a phone call, or on a survey. And if you can, please don’t miss out on the opportunity to join a committee. Check out the Get Involved section of this newsletter, or on the chapter website. I hope you have a wonderful July. I look forward to hearing from you or seeing you at an upcoming event.
Warm Regards,
Jon Beyrer, EA, CFP®
President-2010
THE FINANCIAL PLANNING ASSOCIATION OF SAN DIEGO
beyrer@bfadvisers.com
858-755-5166
-"Great things are not done by impulse, but by a series of small things brought together."
Vincent Van Gogh
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