As you may have heard, the Securities and Exchange Commission (possibly in an effort to do something consumer-oriented of late) has proposed changes to its Regulation S-P, that is, the guidelines for RIAs and registered reps to safeguard personal information and the privacy of consumer financial information. It’s about time. The financial advisory industry has changed dramatically over the past 20 years or so: the sales mentality of B/D-employed brokers has largely been replaced (at least if you listen to the hype) by client-oriented advisors, morphing the “Who owns the client?” question into “What’s best for the client?”
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