The Financial Services Institute is imposing a stiff dues increase on its broker-dealer members to help boost its lobbying efforts in Washington.
In an Oct. 12 letter to all of its members, FSI said that its board of directors voted unanimously to expand its reach on Capitol Hill and in the states and that a boost in its BD members’ dues will help the lobbying group “fulfill our mission and do more for our members in an ever-changing regulatory environment.”
FSI said that its new dues structure “will fuel FSI’s fight on your behalf.” For instance, annual dues for BDs with between $25 million and $50 million in assets will jump from $6,000 to $12,900.
Said FSI’s board to its members: “Unfortunately, Washington has become an unavoidable influence on your business, and now is the time to defend our industry and then go on the offense. There is no question that this is the most critical time in our industry’s history and your need for a powerful advocate with regulators and legislations cannot be overstated. We are ready to step up–but we need greater resources to be as effective as possible. That cannot be done without a commitment from our members.”