Friday, March 30, 2007

FPA: Defeat of Exemption Rule 'Priceless'

"Priceless," is how Financial Planning Association (FPA) Chairman Dan Moisand characterized the association's federal appeals court victory today, forcing the Securities and Exchange Commission to rescind it’s so-called “Merrill Lynch” rule.While Moisand and other FPA executives declined during their press conference to disclose the actual tab for their four-year legal bill, sources put the final costs in the $100,000 range for the 29,000 member association. “It was easily absorbed in our budget, “ says Moisand. “Even if we had lost, it would have been a victory, because it gave us a platform to talk about what responsibilities those in the professional community have to clients. A real financial planner is willing to put clients’ interests first. We don’t see it any other way.”Indeed the $100,000 may be a bargain considering how wide-ranging the impact of the FPA’s victory might be. For starters, FPA executives say, the appeals court’s decision forces the broker-dealer to stop selling fee-based accounts and advice without having to register as advisors. Brokers have sold an estimated shopping $300 billion in fee-based accounts in the past eight-plus years under the SEC-ordered exemption. Currently, broker-dealers will only have three months to “re-paper” these accounts, Moisand said.

No comments:

Native American Advisors CHIPPEWA PARTNERS

My photo
CHIPPEWA PARTNERS, Native American Advisors, Inc. is a Registered Investment Advisor, founded by Dean Thomas Parisian in 1995. The firm is a manager to an exclusive clientele and is closed to new clients. As a Registered Investment Advisor, our expertise developed over 35 years balances experience, integrity and tremendous work ethic. Dean Parisian is a member at the White Earth Reservation of the Minnesota Chippewa Tribe, a former NYSE and FINRA arbitrator and trader who began his career with Kidder Peabody and later worked for Drexel Burnham Lambert in LaJolla, CA. His philanthropic interest is in Native American education and he's endowed a significant scholarship for Native Americans at the University of Minnesota. His greatest accomplishment includes raising two sons and 26 years of marriage. The Parisian family enjoys outdoor pursuits at Pamelot, their farm in Tennessee and at the Ghost Ranch, their ranch on the Yellowstone River in Montana. For media requests contact the firm via email: ChippewaPartners (at) gmail dot com, on Twitter: @DeanParisian. Global 404-202-8173