In an Oct. 11 letter, SIFMA raised concerns with a recommendation from a Securities and Exchange Commission advisory group that suggested raising investment advice standards for brokers. "The proposal would completely foreclose broker-dealers from the retirement-planning and investment-planning businesses -- businesses in which broker-dealers have served clients for many decades," SIFMA's Kevin Carroll wrote. "Only investment advisers could then engage in those businesses. Such an approach would be grossly anti-competitive and unfair, and completely out of line with [the financial reform law] promise of a business model neutrality." Read SIFMA's letter to the SEC.