Private Client & Wealth Management

SIFMA’s Private Client & Wealth Management committees advocate on legislation, regulation and business policy that supports investor protection.

Committees

• Arbitration Committee
• ERISA/Retirement & Savings Committee
• Private Client Services Committee
• Private Client Legal Committee

Related Forums and Councils

• Senior Investor Protection Forum

Private Client Business Roundtables

SIFMA hosts a series of roundtables for wealth management professionals for specialized roles and issues before the industry. To learn more, please contact us.

Featured Issues

The Individual Investor

The U.S. capital markets are where people – individually and collectively through pension funds and mutual funds – invest their savings to seek a return.

Working with our members in the wealth management space, SIFMA seeks to raise awareness of how financial advice and financial literacy programs can positively impact the financial health of Americans working to reach their financial goals, including purchasing a home, sending children to college and saving for retirement.

 

A Best Interest Standard

SIFMA strongly supports the SEC’s heightened and more stringent broker-dealer best interest standard. Since early 2009, SIFMA has consistently advocated for the U.S. Securities and Exchange Commission (SEC) to establish a uniform best interest standard for financial professionals when providing investment advice.

In June 2019, the SEC voted 3-1 to finalize Regulation Best Interest. Reg BI requires broker-dealers to act in the best interest of their retail customers when making a recommendation of any securities transaction or investment strategy involving securities to a retail customer. The SEC also finalized a related Form CRS Relationship Summary and provide important, plain English, up-front disclosures to retail customers. Following the June 30, 2020 compliance date, all broker-dealers and their financial professionals must now comply with Reg BI’s requirements.

 

Independent Contractors

Independent contractor status has long been an integral part of the financial services industry. SIFMA supports efforts to protect an independent contractor business model for broker-dealers.For financial advisors that choose this route instead of being an employee of a broker-dealer, independent contractor status allows them to own and operate their own small business (formed as sole proprietorships, professional corporations, partnerships, LLCs, or other legal entities) and control the manner and means of its operation while operating in a highly regulated industry.

 

More Issues

• Privacy & Data Protection
• Retirement Savings
• Senior Investor Protection
• Sustainable Finance/ESG
• View All

Featured Content

Future of Wealth Management
A Video Series

The Future of Wealth Management is a video series that brings you into conversations at SIFMA’s Private Client Conference, including the evolution of the client-advisor relationship, demystifying AI, the regulatory landscape and more.

 

Priorities for Private Wealth Management
A Conversation from the 2022 SIFMA Private Client Conference

In this far-ranging discussion, leaders from SIFMA’s Board of Directors explore the foremost issues and initiatives before the private client and wealth management industry including:

• The Premium on Human Advice
• Pairing Investment in Technology with Goals-Based Advice
• The Four Ps: Personalization, Purpose, Private Markets and Portfolio Construction
• Serving Multiple Generations of Investors
• The Rulemaking Agenda: Standard of Care, Digital Engagement Practices, Independent Contractor Classification
• Modernizing the Regulatory Rulebook: Remote Inspection, Remote Testing, e-Delivery
• Retirement Savings Legislation
• And more

 

The SIFMA Wealth Management Leadership Podcast Series
The SIFMA Podcast

The financial advisor-retail client relationship is critical to helping retail investors accomplish their unique financial goals, including saving for retirement, funding a child’s education, buying a home or creating a legacy.

In this podcast series, SIFMA President & CEO Kenneth E. Bentsen, Jr. speaks with wealth management industry leaders for an insider’s look into the advisor-client relationship. The financial services industry deeply believes we must boost retirement savings, enable Americans to save more, promote financial literacy and support a strong retail investor culture. This exciting new podcast series looks at how SIFMA member firms have enhanced the client experience by exploring innovative approaches to drive client engagement including teaming, exploring demographic trends and the role technology plays in wealth management.

• Planning for the New Retirement: Ken Cella, Edward Jones
• The Evolution of the Advisor-Client Relationship: Joseph Sweeney, Ameriprise
• Reaching Middle-Income Investors: Estee Faranda, PFS Investments
• The Rise of Generation Investor (Gen I): Lisa Kidd Hunt, Charles Schwab
• A Tailored Approach to Women Investors: Carey Shuffman, UBS
• A Team Approach to Enhancing the Client Services Experience: Evamarie Schoenborn, Northwestern Mutual

 

Individual Investors’ Use of Financial Advisors
SIFMA & Cerulli Associates

The SIFMA commissioned research Individual Investors’ Use of Financial Advisors conducted by Cerulli Associates, explores the relationship between individual investors defined as households with $100,000 to $1,000,000 of investable assets and their financial advisors.

Financial advisors are a critical link in helping investors reach their financial goals. This research not only provides data to support this and inform the industry on what is working well, but also sheds light on how financial advisors and firms can continue to enhance the retail client experience.

 

Who Owns Stocks in America: An Update
SIFMA Insights

In this note, we walk through retirement account and stock ownership trends. Before we do, it is important to remind readers that the diversity across types of investment products and investment focus of these products (region, asset class, style, etc.) is part of what helps the U.S. capital markets maintain a dominant global position. Investors need choice in investment products, based on different return profiles and investment objectives. They need diversity within product sets and across investment focus of these products. The diversity, depth and breadth of U.S. equities markets (all of U.S. capital markets really) provide this opportunity and enable individual investors to manage their retirement and other savings accounts in a manner that fits their investment objectives and needs.

 

Featured Event

Social Media & Digital Marketing Seminar
February 22, 2024 | San Francisco, CA

Contact

Lisa Bleier
Managing Director and Associate General Counsel, Head – Wealth Management, Retirement and State Government Relations

Tracy Eichler
Managing Director, Private Client Services

John Maurello
Managing Director, Private Client Services

Marin Gibson
Managing Director and Associate General Counsel