RJ and Makay

>> Read More RJ & Makay Blog Posts

Boston Consulting Group (BCG) issued a report that was released by advisory groups yesterday that refutes the Financial Industry Regulatory Authority’s (FINRA) cost estimates for the role it wants as the self-regulatory organization (SRO) for advisors.  The BCG review, sponsored by several advisory associations and TD Ameritrade Institutional, says that FINRA’s April 25 cost estimate underestimates overhead costs and overestimates advisor examiner productivity.

>> Read More RJ & Makay Blog Posts

The CFP Board has found that financial advisor bankruptcies are on the rise.  In 1,472 disciplinary cases that the board initiated last year, an estimated 25% of planners under investigation had filed for bankruptcy.  In 2011, the frequency of advisor bankruptcies has risen to about one-third of those under investigation.

Financial advising is one of the fastest growing occupations in the United States. But according to a recently published FINS article, a major key to success in this field is attaining recognized certification that signals to clients and colleagues alike that you are a serious professional committed to excellence.

Benefits of certification are threefold, according to Kevin Keller, CEO of the CFP Board. Keller claims that candidates achieve a sense of accomplishment in passing difficult exams. These advisors oftentimes perform well in all the major performance metrics such as client retention and satisfaction. And clients receive a higher quality of service from financial advisors who are certified.

Figures from the CFA institute indicate that registration for the Level 1 CFA exam increased by nearly a third in 2008, with the 2010 exam registration the highest in 41 years.