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“Instead of the Securities And Exchange Commission (SEC) or the Financial Industry Regulatory Authority (Finra) examining RIA firms, the firms themselves should foot the bill for their own periodic compliance examination by using an outside body. “

That’s the novel solution that James J. Angel, professor of finance at the McDonough School of Business at Georgetown University, is proposing.

“To solve the ongoing debate over how investment advisors should be effectively regulated the most effective approach would be to outsource the task to outside accounting or consulting firms, he says.”

Read the full report by Jim McConville, reporter for Financial Advisor.