A bill to require the Securities and Exchange Commission to examine the activities of professional financial planners, to evaluate the effectiveness of existing governmental regulation of their activities, and to make recommendations to the Congress on the basis of the examination and evaluation.

Requires the Securities and Exchange Commission to examine and report to the Congress on: (1) the operations of professional financial planners; (2) the nature, extent, and adequacy of Federal and State regulation of financial planning activities; (3) recommendations for correcting inadequate regulation through legislative proposals or the use of a self-regulatory organization; (4) the risks faced by investors because of inadequate regulation; and (5) the risks faced by regulated persons as a consequence of their relationships with financial planners. Directs the Commission to consult with State regulatory officers and agencies and with professional organizations which provide financial planning services.