Why Every Financial Advisor Should Support the Financial Services Institute

Why Every Financial Advisor Should Support the Financial Services Institute


Why Advisors Should Support the Financial Services Institute

By: Abby Salameh, Chief Marketing Officer
Published October 31, 2018

Do you ever feel like you’re one small individual without any control over the legislation and regulations coming down the line from Washington?

You’re not alone in your concern regarding the impact decisions made in Washington can have on our industry, our businesses, and the welfare of our clients. But you don’t have to stand by idly, feeling as though your voice isn’t heard. This is what the Financial Services Institute (FSI) is for; they advocate for independent financial advisors every day. With your best interests and those of your clients at the heart of their mission, FSI acts as a liaison between regulators and lawmakers on:

  • Supporting your status as an independent contractor
  • Modernizing rules prohibiting the payment of commissions directly from a broker-dealer to a business entity operated by a financial advisor
  • Harmonizing regulatory requirements for investment advisors and broker-dealers who provide similar services to investors

These are key issues facing advisors and their financial services firms today. The Financial Services Institute’s mission is “to ensure that all individuals have access to competent and affordable financial advice, products and services delivered by a growing network of independent financial advisors and independent financial services firms.” Their activity is crucial to the preservation and success of our industry.

In the past, FSI has been successful in assisting investment advisors by:

  • Overturning the DOL Fiduciary Rule
  • Helping pass tax reform legislation that prevented both Rothification of retirement accounts and a mandatory “first-in, first-out” provision
  • Working with state legislators and regulators to successfully stop financial services taxes, lower advisor registration fees, expand financial literacy and protect seniors from financial abuse

Simply being represented by a group taking action on our behalf in the midst of the volatile Washington environment alone is enough for Private Advisor Group to support FSI. But that’s not where the benefits end for independent advisors and firms who are members of FSI.

Why Every Independent Advisor Should Support FSI

In addition to serving as a daily defense for your best interests as a financial advisor, FSI goes several steps further with opportunities that can increase the bottom line for your firm. FSI has incredible benefits for advisors, one of which is the CoveredAdvisor Benefits Program. Through your membership with FSI you are eligible for discounts on dozens of necessary products and services for you and your business. This includes everything from document storage and payroll services to website creation and even email marketing, all monthly ancillary costs that can add up. This program also offers select insurance benefits including Long-Term Disability and Term Life insurance.

As a member, you also receive exclusive access to a number of additional opportunities. You see, FSI isn’t only an advocate for financial advisors, they are looking out for your clients as well. Their goal is to remove barriers from your success. It can be overwhelming to stay on top of everything in your financial firm – you are running a small business after all. Even with support staff, you want to stay aware of what’s happening in your own industry and keep your clients apprised of the value you bring to the table.

These member benefits will help you stay informed and communicate with your clients as well:

  • Access to webinars on the most important topics impacting your business
  • Client-ready marketing materials explaining the importance of independent advice
  • Calls to action to contact your legislators and regulators about critical issues
  • Opportunities to get in on the action and join FSI on Capitol Hill and in-district visits
  • Daily subscription to FSI Newsbrief
  • Invitation and reduced registration rates to networking/educational events
One More Reason to Support FSI

As independent contractors, it is no secret obtaining health insurance can be a costly endeavor for you and your team members. FSI is currently laying the groundwork to offer a group healthcare plan. If the DOL’s proposed Association Health Plan rule becomes final, FSI will be able to provide an affordable, quality healthcare plan to its financial advisor members. Don’t miss out!

Every new advisor who joins Private Advisor Group receives a complimentary membership for a limited time. The FSI cannot continue to operate without our support. The work they are doing in Washington is vital to the preservation of our industry and the future of our businesses. We recommend advisors take advantage of all that FSI has to offer by converting to a standard membership at the end of the complimentary membership period.