Despite the claims of several Republican presidential candidates that they would repeal the 2,000-page plus Dodd-Frank law overhaul of financial services, Financial Services Institute president and CEO Dale Brown doesn't see it happening, even if the GOP runs the table and retains the House while recapturing the White House and the Senate.

"There are a lot of if's in that question," Brown said. But "I don't see a scenario where Dodd-Frank is repealed. Should parts of it be revisited? Absolutely."

FSI, which represents 34,000 financial advisors and broker-dealer executives, has supported a uniform fiduciary standard for all advisors. However, it has advocated that Finra be given responsibility for implementing and overseeing all advisors, including RIAs who are currently regulated by the SEC.

The notion Finra be designated as the self-regulatory organization for all advisors has clashed with the position of other associations, including the Financial Planning Association and the National Association of Personal Financial Advisors. The latter two groups contend that Finra has failed to do a very good job of regulating the brokerage business and that oversight of the advisory business should remain at the SEC.

FSI officials would like to see certain aspects of the voluminous Dodd-Frank law simplified. Brown added that he hoped that the harmonization of standards between the brokerage and RIA businesses would address the regulatory disparities that exist between the two business models.

In a remark that applied to both the independent brokerage business and the RIA world, Brown noted that "our members did not contribute to the financial crisis," which the Dodd-Frank bill was intended to address, but its members and their clients suffered significant financial damages.