Member News



Thornton Withers Attends Inaugural FPA Advocacy Day.

On June 23rd and 24th, Thornton Withers [FPA Governmental Affairs Board member] attended the inaugural FPA Advocacy Day in Washington, DC. This session, as reported by Thornton was robustly attended by over 150 FPA members from around the country.


At issue at the two day forum was H.R. 1627, a bill that was introduced by Representative Maxine Waters [D-CA-43] on 4-18-13 to strengthen consumer protection in the financial industry. Specifically the bill, if passed would address:

1. Fiduciary Standard - Support SEC rulemaking that would ensure that broker-dealers put customer's interests first when they are giving personalized investment advice to retail customers.

2. Appropriate oversight of investment advisors - Support more robust oversight of investment advisers by supporting HR 1627 which would establish a targeted user fee to increase the examination rate of investment advisers.

3. Appropriate regulation of financial planners - Educate policymakers about the 

gaps in regulation that allow anyone to call themselves a financial planner. Support regulation that protects consumers from unscrupulous practices and provide for licensed planners akin to physicians and attorneys.


The latest action on H.R. 1627 was on 4-18-2013 when it was referred to the House Committee on Financial Services. Thornton will report any new movement on this legislation to the Charlotte Chapter of the FPA.


"This was a fabulous way to understand the complexity of how law is made in our country" said Thornton. "Moreover, I found the senior staff of the elected officials that we personally met with to utmost professionals and very knowledgeable about both sides of the impact of this proposed bill".


Stay tuned for the vote count - TBA.

Cheryl Sherrard, CFP® with Rinehart Wealth Management, is beginning a 2 year term on the Advisory Board for the Journal of Financial Planning, the FPA’s monthly magazine. The mission of the Journal of Financial Planning is to expand the body of knowledge of the financial planning process. As such, the Journal sees the advisory board members as representatives of the readership and also as resources for ideas, contacts, and feedback. As such, Cheryl will be looking for new ideas for the magazine. Congratulations to Cheryl on this new assignment.