B/D Report: New Group Gets a Name and Mission

The broker/dealer association that split off late last year from the Financial Planning Association has been named the Financial Services Institute. Armed with an initial budget of $600,000 to $700,000 for 2004 and at least $1.5 million annually within three years, the institute plans to stand as the leading advocate for independent broker/dealers, says Chairman Stephen A. Bateman, CEO of Dallas-based 1st Global Inc.

The institute hopes at least 150 of the approximately 450 U.S. independent B/D firms will join. It disclosed its budget and plans on Jan. 23, during the FPA’s final broker/dealer conference in Huntington Beach, California. The institute plans a new annual conference next year, as well as “discussion forums” in Dallas May 16-19 and Washington Oct. 10-13. The Washington forum will include a “public policy day” devoted to spreading its message among regulators and legislators. Bateman says the institute also plans to launch a political action committee to lobby lawmakers “in about a year,” but in the meantime will focus much of its advocacy efforts on influencing the direction of financial regulation.