It has been almost 730 days since Dodd-Frank was enacted. The marking of the second anniversary of the Dodd-Frank Act falls on this Saturday, July 21. And here at FSI, we are recollecting, not celebrating.
FSI President & CEO Dale Brown states, “Hard-working Americans who need help with retirement planning, college funding and other Main Street financial goals have not reaped benefits from the Dodd-Frank Act in the two years since it was enacted. They still don’t have clarity on how often, if ever, their financial advisor is examined by regulators. And we have yet to see the implementation of a critical uniform fiduciary standard for all financial advisors. Independent financial advisors and the independent financial services firms that serve them continue to operate with considerable regulatory uncertainty because of the huge backlog of Dodd-Frank rulemakings. And yet, their regulatory costs and burdens continue to grow, even though no independent financial advisors contributed to the financial crisis that led to the hasty passage of Dodd-Frank.”
So the question becomes, have you reaped benefits from the Dodd-Frank Act?