Terry Headley -8436 Terry K. Headley, president of the National Association of Insurance and Financial Advisors, testified Tuesday, Sept. 13, on behalf of NAIFA members and their clients at a congressional hearing on the regulation and oversight of broker-dealers and investment advisers. Headley told the the House Committee on Financial Services’ Capital Markets and Government Sponsored Enterprises Subcommittee that SEC and DOL regulations on standard of care are likely to harm the ability of lower and middle-market investors to receive personalized investment advice and other important services and that NAIFA recommendations that FINRA serve as the self-regulatory organization to conduct periodic examinations of SEC-registered investment advisers.
Headley’s testimony comes the day before more than 1,000 NAIFA members will participate in a “Day on the Hill” in which they will meet with congressional members and staffers from across the country to discuss the potential impacts of health care, financial services and tax reform on their careers, their business and their clients.
Headley told the subcommittee the important role NAIFA members fill in the financial services industry, serving the needs of middle-market American investors. He discussed the potential impact of the Securities and Exchange Commission’s expected standard-of-care regulation on broker-dealers and their clients.
Headley and other NAIFA members participating in September 14 Day on the Hill are in Washington for NAIFA’s 122nd Annual Meeting and Career Conference, Sept. 10-14.
Additional Resources:
- Terry Headley's Oral Testimony.
- Terry Headley's Written Testimony.
- Brochure comparing DOL and SEC Fiduciary Proposals.
- The American College: Statement Regarding Regulatory Oversight of Broker-Dealers and Investment Advisors.