Bob Lawson Publishes Article on The Broker-Dealer Exclusion

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 neutral, 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.

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FINRA Proposal to Modernize Rule 2210 for Social Media and AI Challenges

FINRA proposes modernizing Rule 2210 to address social media and AI communication challenges, replacing prescriptive pre-use approval with risk-based standards, streamlining filing requirements, and clarifying supervision of retail communications. The changes aim to balance innovation, efficiency, and investor protection, allowing firms to tailor procedures based on communication risk factors and technological advances.

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Barrington Financial Consulting Group, Inc. Recognized Among Top 3 for Best Expert Witness (Financial)

Barrington Financial Consulting Group, Inc. has been recognized among the Top 3 for Best Expert Witness (Financial) in the 2026 Minnesota Lawyer and Finance & Commerce Reader Rankings.

This recognition is especially meaningful because it reflects the work of BFCG’s team of affiliated experts serving counsel and clients in complex financial-services and securities matters.

Since our founding in 2017, BFCG has focused on providing careful, independent analysis and testimony concerning financial-services practices, supervision, complex products, and damages.

Thank you to the readers of Minnesota Lawyer and Finance & Commerce for this honor—and, above all, to the attorneys and clients who continue to place their confidence in our team.

Barrington Financial Consulting Group, Inc.