The Financial Planning Association says federal regulators ought to do a better job of distinguishing fee-based brokerage services from true financial planning services.
The FPA, Denver, a group that represents holders of the Certified Financial Planner designation and other professional designations, has been clashing with the U.S. Securities and Exchange Commission over the issue for years, and it has gone to court to challenge a move the SEC made a year ago to give fee-based brokers more flexibility.
The court case is still in progress, but the FPA now has submitted a formal letter by Duane Thompson, managing director of the FPA’s Washington office, asking the SEC to revisit the changes the agency made in late 2005.