In a new episode of the Financial Planning Podcast, the chief of a major wealth manager and an influential industry advocacy group discussed key regulatory questions facing the industry.
Kestra Financial CEO James Poer leads the Austin, Texas-based firm that has about $120 billion in client assets and is backed by private equity firm Warburg Pincus. He answered the following four questions asked by FP Senior Editor Tobias Salinger:
1. Can Kestra’s advisors currently recommend cryptocurrency investments like Bitcoin or Ethereum? If not, why not and could that change?
2. As chair of the board for the Financial Services Institute, what is at the top of your agenda with the new Administration?
3. FSI supports Regulation Best Interest after helping to vacate the Department of Labor’s fiduciary rule through a lawsuit. How will you make the case for Reg BI with the new administration and Congress?
4. Every wealth manager has conflicts of interest. Dually registered firms like Kestra disclose that certain clients may not receive the lowest cost mutual funds available. How is that in their best interest?
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