For Immediate Release: September 20, 2011
Contact: brandon.adams@sroiia-us.org
Oxford, Miss.: The Self-Regulatory Organization for Independent Investment Advisers (SROIIA) has completed its second round of surveys. One of SROIIA’s goals is to produce an SRO tailored to the needs and desires of independent investment advisers as to provide them with the best SRO experience. Thus the answers SROIIA has attained from the surveys help give insight into advisers’ opinions.
“These surveys help us get a feel for what IIA 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. SROIIA attempted to survey a total of 687 investment advisers (1st and 2nd round combined) and attained valid responses from 228 (33.2%) of them.
The first question; “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”.
The second question; “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).
The third question; “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).
The fourth question; “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).
SROIIA will continue to do surveys and attain independent investment advisers’ opinions. SROIIA will also continue to release our results and provide transparency.”
SROIIA Staff: Timothy Collins (Co-CEO), D. Tyler Roberts (Co-CEO), Joseph Shayeb (CFO), Robert Oliveri (CAO), Laura Collins (Secretary), Tyler Montell (VP of Legislative Affairs & Standards), Adam Hynick (VP of State Affairs & Outreach), Brandon Adams (VP of Corporate Communications), and Joseph Gallagher (Editor).