Hoping to boost advisors’ lobbying efforts in Washington, Cetera Financial Group announced Wednesday that it had enrolled 3,500 advisors as members of the Financial Services Institute.
All three of Cetera’s broker-dealer firms—Financial Network Investment Corp., Multi-Financial Securities Corp. and PrimeVest Financial Services Inc.—and their affiliated advisors are now members of FSI.
With the addition of Cetera’s advisory force, FSI now counts more than 30,000 advisor members.
“With new regulations constantly coming from Washington and each of the states, our industry must get even more engaged in helping shape effective regulation,” said Cetera Financial Group CEO Valerie Brown (left) in a statement. “A powerful advocacy organization like FSI is critical to all firms’ success, and we are proud to help ensure FSI thrives in the future–because it directly benefits our financial advisors,” said Brown, who’s also a member of the FSI Board of Directors.
Brown cited FSI’s success this year in leading a coalition in California to amend the independent contractor legislation. “If not for that work Cetera and other independent broker dealers would have faced a paperwork and financial burden with no positive benefit for investors,” she said.