Investors Capital CEO Tim Murphy and advisor Don Ingram are matching any Financial Services Institute contributions made by Investors Capital’s 500-plus affiliated advisors, the industry group said Friday. As a result, the advisors have pledged some $25,000 to further FSI’s agenda in Washington, D.C., and at the state level.
The funds will be donated to FSI’s “War Chest,” a general fund used for advocacy and public relations on behalf of FSI membership.
Murphy also said recently that he would subsidize all his advisors’ membership dues in the future to ensure that they are fully engaged.
“The work that FSI is doing in our nation’s capital and in the states is absolutely critical to my business and the financial-services industry at large,” said the CEO in a statement. “As a firm, we could never afford to replicate the incredible advocacy and communications work that FSI thrives at — which makes our dues and extra contributions worth every dime.”
The news comes several days after broker-dealer LPL Financial said its 12,000-plus advisors had joined the advocacy group for independent broker-dealers and financial advisors. The advisors’ first-year membership was offered for free by LPL Financial, according to the company.
As of last Monday, when the move by LPL was made, FSI’s financial-advisor membership topped 27,000. Established in January 2004, FSI includes about 124 broker-dealers.
Earlier this month, Investors Capital founder and then Chairman Ted Charles sold his roughly 55% stake in the firm to the company’s financial advisors, clients and home-office staff at his request.