In his recent speech for the CCOutreach seminar, FINRA CEO and Chairman Richard Ketchum reiterated his support for a broker-dealer ADV, a fiduciary duty for brokers, and more frequent exams of investment advisers.  He said that the BD ADV, which should be provided to each customer, should include information about brokerage services, conflicts of interest, fees, and products.  He also explicitly stated, “[We] fully support moving to a fiduciary standard for broker-dealers when providing investment advice.”  He said that FINRA will work closely with SEC staff on the implementation of a fiduciary duty and IA exams.

OUR TAKE: FINRA is beginning to sound a lot like the SEC.  We believe that Mr. Ketchum is trying to show the SEC and Congress that FINRA is the right regulator for all retail investment advisers. 

http://www.finra.org/Newsroom/Speeches/Ketchum/P122907