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Advisers’ “Dream” SRO
SROIIA recently conducted a four-question survey, and received 228 responses:
1. “If you were required to join a SRO, would you prefer FINRA or a new SRO that was created specifically for investment advisers?”
- 6% answered “FINRA”
- 87% answered “New SRO”
- 7% answered “Don’t Know”
2. “If you firm were required to join a SRO, would you object to joining one that held your firm to a higher fiduciary standard than the standard that would be applied by FINRA?”
- 7% answered “Yes,” (they would object)
- 93% answered “No,” (they would not object)
3. “If you firm were required to join a SRO, would you object to joining one that prohibited its members from engaging in principal transactions with clients?”
- 11% answered “Yes,” (they would object)
- 89% answered “No,” (they would not object)
4. “If you firm were required to join a SRO, would you object to joining one that prohibited its members from being paid commissions?”
- 5% answered “Yes,” (they would object)
- 95% answered “No,” (they would not object)
“These surveys help us get a feel for what IIAs want and their likes and dislikes; thus helping us build our organization into the partnership customizable-approach we are striving to have” says Timothy Collins, Co-CEO.
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