Dave Mello

Dave Mello

Dave has been a wealth strategist since 2000, helping executives, small business owners and retirees to create and maximize their wealth potential by helping them “see the unseen”. His purpose is to explore and analyze the complicated intricacies of each individual or business’ financial situation to design and deliver simple strategies.

Horizon Retirement Advisors, LLC

707 Mount Rose St.

Reno, Nevada 98509

horizon@retirevillage.com (775) 851-4754
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Let’s see…..hmm. The Commissioner of Baseball is also one of the franchise owners.


The NFL is a nonprofit organization that pays its commissioner $44 million a year…….hmm


The securities (brokerage) industry to slow federal oversight, declared itself a self-regulating industry.

Hmmmmm…..the brokerage industry earns compensation for actions, sales, management, etc.

So….NASD (National Association of Security Dealers) was renamed FINRA (Financial Industry Regulatory Authority) to appear to be more regulatory.

 

The SEC (Security and Exchange Commission) has complained for years to FINRA that oversight was too narrow.

FINRA announced it would slow down (corral) excessive fees.

http://www.finra.org/web/groups/corporate/@corp/@about/@ar/documents/corporate/p534386.pdf


Hmmmmm…where does FINRA get its financial budget? A: The brokerage industry.

How much is their annual budget (2019)? A: $1,050,000,000

How much did FINRA overspend (loss) in 2019? A: $68,400,000 (loss)

How many people does FINRA employ? A: 3,500 (2019).


So….a self-regulating industry, with a budget of $1 billion, overspent regulating an industry (by $68 million) that FINRA has decided is charging too much in fees…..hmm.


Let’s summarize:


  • FINRA regulates the brokerage business.
  • FINRA is supported by the brokerage industry.
  • The brokerage industry earns its income from fees.
  • FINRA wants to reduce the fees the brokerage industry charges.


Am I nuts or do I see a problem?


A recent article in Investment News reported the planned crackdown on excessive fees charged by the brokerage industry.


Here is the link: http://www.investmentnews.com/article/20150123/FREE/150129955/regulators-bare-their-teeth-on-excessive-fees

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