Skip to main content
A Better Partnership


Sep 2013
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.

NOTICE. Although we would like to hear from you, we cannot represent you until we know that doing so will not create a conflict of interest. Also, we cannot treat unsolicited information as confidential. Accordingly, please do not send us any information about any matter that may involve you until you receive a written statement from us that we represent you.

By clicking the ‘ACCEPT’ button, you agree that we may review any information you transmit to us. You recognize that our review of your information, even if you submitted it in a good faith effort to retain us, and even if you consider it confidential, does not preclude us from representing another client directly adverse to you, even in a matter where that information could and will be used against you.

Please click the ‘ACCEPT’ button if you understand and accept the foregoing statement and wish to proceed.



+ -