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Jul 11, 2009 3:08 pm

As i am browsing the boards, i just saw the latest FINRA ad. I didnt catcht the whole thing, but i saw video of kids playing in a park, old people with big smiles on their faces, as the speaker stated:

"when brokers break the rules, we can punish them (0r something very similiar-didnt get the exact words) or even put them out of business". (this last part, word for word, is exactly what they said.   Now i am not saying that brokers who break the rules shouldnt be punished, of course they should. But FINRA knows very very well that this kind of sh*t will provoke people to go after their advisors if they lost money, even if they know it wasnt the brokers fault. What possible good comes out of this diatribe? More importantly, what can we do to voice our objection to a higher authority>? Who is the higher authority, i guess the SEC? It makes no sense that they be allowed to pull this crap with nobody watching over them.   I am just venting here, but really would like to know if anyone has any ideas. RR MAG? Bill? Anyone?  
Jul 11, 2009 3:13 pm

FINRA sees a money-making opportunity to exercise their power as the “SRO who will come to save the day” and “restore investor confidence”.

  All because we brokers & B/Ds are too afraid of FINRA's shadow to stand up and do anything about it.   What to do?  Become an RIA and drop your series 6/7 handcuffs so you no longer pay FINRA for the chains they bind you in and for inspiring people to complain against good brokers.    It's just too bad that there won't be enough people who will do that in a short period of time to have it make a difference.
Jul 14, 2009 1:42 am

Great article Bill.

Can't believe 2 things. One that they are permitted to rile up the public like that, and two after all of the apparent lack the SRO's ability to do their jobs, that has cost so many people so much money, they have the balls to run those ads
Jul 14, 2009 4:11 pm


  Reminds me of an infuriating ad I saw a few years ago on the subway. The Treasury apparently spent money to place ads letting us all know about the new images and colors on our paper currency.  Just what we needed!  Ads to get us to use dollar bills. [/quote]   To be fair, that was a PR campaign so people honor (or not throw away) the 'new' bills.
Jul 21, 2009 11:26 pm

I couldnt believe my eyes when I watched the commerical - its bad enough having to watch law firms promote suing reps/firms, but having a regulatory body do it – doesnt  seem right to me.