Organizations that dominate lobbying expenditures also donate the most to political campaigns. Leading the charge are NAIFA and the ICI, while TD Ameritrade contributed just $9,000.
The controversial financial guru said the Labor Department rule would "kill" the middle class' ability to get retirement advice.
A Labor Department rule that would raise investment advice standards for retirement accounts took its last step toward finalization Thursday night.
A combination of increased revenue, including a doubling of money raised through fines, and lower expenses helped Finra significantly increase net income last year.
Both regulators are in the midst of major personnel changes and Congress is headed for an election year.
Financial Services Institute supports legislation to replace Labor Department's rule, and is not ruling out a lawsuit if it is finalized.
The agency issued guidance to directors saying they should install a process to evaluate whether administrative fees are being used to encourage distribution.
Despite SEC chairwoman's concerns over leverage and impact on individual investors, backers hope legislation will pass because of bipartisan support.
If you want to make money in the financial advisory business, don't be a financial adviser. Heading groups that advocate for them pays much better. <i>Plus, <a href="//www.investmentnews.com/gallery/20151201/FREE/120109998/PH"" target=""_blank"" rel="noopener noreferrer">see what the top brass make.</a></i>
