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In the News

SEC Approves Compensation Disclosure Rule

Posted by Mindy Diamond

Financial Advisor-IQ

Mindy Diamond Quoted
By Alex Padalka

The SEC has approved a rule from Finra that requires brokers planning to jump ship from their old employer to send “educational communications” to clients that they want to bring along, InvestmentNews writes.

The approved regulation follows a three-year development process of the Finra rule, which was originally intended for brokers to disclose their compensation to clients they hoped to transfer when changing firms, according to InvestmentNews.

Industry resistance to the privacy considerations of such a rule made Finra revise the original proposal, coming out with what broker recruiter Mindy Diamond calls “broker disclosure light,” the publication writes.

“For most quality advisers who have a deep relationship with clients, it will be a non-event,” she said, according to InvestmentNews.

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About Mindy Diamond

CEO – By counseling advisors on how to ask the right questions and “dig deep”, she helps them look at all of the opportunities available to find the one that allows them to reach their full potential. That is, to best serve their clients and live a life that is in sync with their own beliefs and values. Learn more...

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