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Sep 2013
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September 24, 2013

Linda Paullin-Hebden featured in Crain's Detroit Business


This week’s Crain’s Detroit Business includes “A Conversation with Linda Paullin-Hebden” outlining SEC plans to “harmonize” the rules governing registered investment advisors versus broker-dealers.

The chair of Warner’s business practice group discussed how registered advisers are fiduciaries and held to a higher standard than their broker-dealer counterparts.  According to Paullin-Hebden, the SEC is unlikely to reduce standards for the investment advisors, meaning that broker-dealers will face increased scrutiny.  But she isn’t so sure that the new regulations will create the desired results of increased compliance and consumer comfort.

“Adapting more procedures will only drive smaller providers out of the market and into larger firms, and I don’t think that it helps the consumers to only have advisers at larger firms,” she said.  Additionally, no matter how many rules are created, “people who do bad things aren’t going to start complying because of rules.  Rules didn’t stop Bernie Madoff.”

Crain’s Detroit Business subscribers can read the full story Here.

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