Boss Financial & Insurance Services
955 Chambers Street
Ogden, Utah 84403
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.
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.
A recent article in Investment News reported the planned crackdown on excessive fees charged by the brokerage industry.
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