Who is watching YOUR financial advisor?

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Friday June 01, 2012 · 5:56 PM PDT

2012/06/01 · 17:56

On Wednesday, June 6th, the House Financial Services Committee will conduct hearings on a bill called “H.R. 4624, the Investment Adviser Oversight Act of 2012”. This legislation was proposed by both Representatives Spencer Bachus (of “the government should serve the banks” fame) and Carolyn McCarthy (a Democrat from NY’s 4th Congressional District). Now that I’ve gotten the dry stuff out of the way – this is what is really happening…….

I am an independent financial planner. I try to help “regular people” make informed decisions about their finances. I am different from the financial advisor at your local bank or brokerage firm in a few ways:

* I can help you with topics other than investments and insurance.
* I make money when you hire me to provide advice. You write me a check for my services. A banker or broker makes money when they sell you a product such as a mutual fund or annuity.
* I am regulated/supervised by 2 bodies. As a very small Registered Investment Adviser, the securities division of my state is responsible for keeping an eye on me. (If I dealt with a LOT of money, the SEC would be my regulator.) I am also a CFP®. If I screw up, you could report me to the Certified Financial Planner Board of Standards.

Why in the world does any of this matter to you? Follow me below the fold ......

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