Statement from Cetera – SEC Vote to Adopt Regulation Best Interest
Cetera commends the efforts of the SEC in adopting Regulation Best Interest and the related rules and interpretations. We support the move to enhance investor protection by explicitly requiring broker-dealers to act in their customers’ best interest. This approach is aligned with Cetera’s strategy to enable the delivery of a personalized Advice-Centric Experience® for clients, our mission to provide clarity and transparency about the scope of an engagement with an investment professional, and harmony of goals, priorities and incentives with the client.
Mark Quinn, Director of Regulatory Affairs at Cetera, said, “In advancing an Advice-Centric Experience, Cetera has long advocated for adoption of a best interest standard of care and oversight applicable to all financial professionals who provide advice to retail customers, while preserving customers’ ability to choose how to obtain and pay for investment advice.We have submitted multiple comment letters, met with SEC officials and legislators, attended hearings, and been at the forefront of industry advocacy on this issue. Our groundwork on Regulation Best Interest has placed us in a favorable position to offer a broad range of solutions and choices, regardless of the regulatory landscape. We look forward to working with the SEC, FINRA, and other regulatory agencies to implement these important enhancements.”
About Cetera Financial Group®
Cetera Financial Group, Inc. ("Cetera") is a leading network of independent firms empowering the delivery of professional financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is one of the largest independent financial advisor networks in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.
Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit cetera.com.
“Cetera Financial Group” refers to the network of independent firms encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services. All firms are members FINRA/SIPC.