Revised amendment aims to heal breaches in advisor community

New oversight for financial planners may be tougher for Senators to vote against because it is seen as pro-consumer

In an attempt to diminish opposition to an amendment requiring financial planners to be regulated by a new oversight board, Sen. Herb Kohl, D-Wisc., has revised a proposal he plans to introduce when financial service reform legislation comes before the Senate Banking Committee next week.

The new version of Sen. Kohl’s “Financial Planners Act” draft legislation, released Thursday night, now stipulates that financial planners covered by a proposed Financial Planner Oversight Board are people who hold themselves out to the public as financial planners...

RIA Biz: Revised amendment aims to heal breaches in advisor community