RIA Rising

New NAPFA Chair Tweets His Dislike of FINRA

Ron Rhoades (right), the newly-elected chairman of the National Association of Personal Financial Advisors, minces no words when expressing his displeasure at the possibility of FINRA overseeing registered investment advisors.

Here are some recent tweets he posted (@140Limited) during NAPFA’s annual conference in Chicago (#NAPFA2012) going on this week:

The BIG GORILLA called FINRA wants to “regulate” all (both SEC and state-registered) RIAs. In reality – BDs want to destroy trusted advisors.

FINRA, a “self-regulatory organization” (SRO) wants broker-dealers to regulate investment advisers. Kinda removes the “self” from SRO.

TIME FOR ACTION. Join Financial Planning Coalition in opposing FINRA takeover of (and destruction of) trusted advisors.


Sounds like a man with a mission.

Rhoades takes over as chairman on Sept. 1, succeeding Susan John, who held the post for two years. He’s had a busy career. A Florida-based attorney for more than 25 years, Rhoades specialized in estate and tax planning and representing business clients. He was co-owner of a Florida RIA and obtained his CFP in 2005.

His most recent career move involved trading Florida for upstate New York. Last August he joined the faculty at Alfred State, where he chairs the financial planning program. Rhoades still has his hands in financial planning, running a new RIA, ScholarFi Inc., serving select East Coast clients.

(My apologies to Susan John, whose name I misspelled in an earlier post.)

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