Our industry is an absolute mess sometimes. I live under many different regulatory umbrellas. FINRA, SEC, ERISA, DOL, State Departments of Corporations. Not to mention the voluntary codes of ethics for my different designations. And, in my humble opinion, NONE of them do much to actually protect YOU!
You would think with all these over-sight bodies, your investment advice would be pretty sound and your investments safe from conflicts of interest, fraud or worse. You’d be mistaken.
This article by Bob Veres goes a long way toward explaining the confusion and also offers up a solution or two. I’m not sure I totally agree with his approach but it is food for thought.