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The Securities and Exchange Commission’s decision to shift resources from broker exams to advisor exams has been driven by necessity, says Marc Wyatt, director of the examinations office. So reports Reuters.
Only 10% of registered advisors were scrutinized by the regulator last year. At the same time, the number of registered investment advisors is increasing, says Jane Jarocho, who is the associate director of the SEC’s officer that oversees advisor exams.