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MEMBER HIGHLIGHT — SER member Robert “Bob” Lawson recently published an article titled “The Broker-Dealer Exclusion and the Fiduciary Question: An Analytical Framework for Arbitrators” in Volume 33, No. 1 of the 2026 PIABA Bar Journal. The article presents a conduct-based framework for evaluating the “solely incidental” component of the broker-dealer exclusion under the Investment Advisers Act of 1940. It examines the distinction between episodic brokerage services and ongoing advisory relationships, explains how the SEC’s 2019 Interpretations IA-5248 and IA-5249 operate in separate analytical lanes, and distinguishes the broker-dealer exclusion inquiry from Regulation Best Interest’s recommendation-specific obligations. The article also identifies communications, account-review records, supervisory materials, and other evidence that may help arbitrators assess the actual scope and character of the services provided. Bob is President of Barrington Financial Consulting Group, Inc., President and Chief Compliance Officer of Barrington Capital Management, Inc., a Chair-qualified FINRA arbitrator, FINRA mediator, and securities expert witness. You can read the full article here.

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