Steve Kerby

Steve Kerby

Steve began his career 51 years ago by joining Northwestern Mutual Life (NML) during his senior year in college in 1970. Steve quickly learned that he had made the right decision because he genuinely cared about people. He liked helping people plan and to solve problems, making a difference in peoples’ lives, and that quality of company and product was of utmost importance.

Steve Kerby

5555 SW 196th Ave.

Aloha, Oregon 97078

steve.kerby@retirevillage.com (503) 936-3535
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Let’s see…..hmm. The Commissioner of Baseball is also one of the franchise owners.


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.

http://www.finra.org/web/groups/corporate/@corp/@about/@ar/documents/corporate/p534386.pdf


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.


Let’s summarize:


  • FINRA regulates the brokerage business.
  • FINRA is supported by the brokerage industry.
  • The brokerage industry earns its income from fees.
  • FINRA wants to reduce the fees the brokerage industry charges.


Am I nuts or do I see a problem?


A recent article in Investment News reported the planned crackdown on excessive fees charged by the brokerage industry.


Here is the link: http://www.investmentnews.com/article/20150123/FREE/150129955/regulators-bare-their-teeth-on-excessive-fees

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