The FINRA Investor Education Foundation’s National Financial Capability Study is an expansive source of data and insights about the financial lives of U.S. adults. Conducted every three years, this wide-ranging research effort includes the Investor Survey, an in-depth exploration of the attitudes, behaviors, knowledge and experiences of retail investors across the country.

In December, the FINRA Foundation published the latest iteration of the survey, titled "Investors in the United States: Results from the FINRA Foundation’s National Financial Capability Study." Drawing on responses from nearly 3,000 respondents in the U.S. with non-retirement investment accounts, the latest edition builds on previous Investor Survey reports, conducted every three years since 2015.

On this episode of FINRA Unscripted, FINRA Foundation President Gerri Walsh, the Foundation's Research Director Gary Mottola, and Senior Researcher Olivia Valdes discuss the study's wide-ranging findings and implications.

Resources mentioned in this episode:

The National Financial Capability Study (NFCS)

Investors in the United States A Report of the National Financial Capability Study

State-by-State NFCS

Investing Knowledge Quiz

Ep. 176: National Financial Capability Study: Key Trends and Insights

You Know More Than You Think: Unrealized Knowledge in “Don’t Know” Responses to Financial Knowledge Questions

2026 FINRA Annual Regulatory Oversight Report

BrokerCheck

Social Media Key Topics Page

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The Annual Regulatory Oversight Report is one of FINRA’s most valued resources for member firms—and this year, we're publishing it earlier than ever in response to member feedback. The 2026 Report features insights on cyber-enabled fraud, senior investor protection, generative AI, and much more. It also reflects our FINRA Forward commitment to empowering member firm compliance by sharing intelligence from across our Regulatory Operations.

This episode features four FINRA leaders: Ornella Bergeron, Senior Vice President, Risk Monitoring, and Acting Head of Member Supervision; Bill St. Louis, Executive Vice President and Head of Enforcement; Feral Talib, Executive Vice President and Head of Market Oversight; and Bryan Smith, Senior Vice President and Acting Head of Strategic Intelligence. They discuss takeaways from the report, and how firms can leverage its effective practices and research to strengthen their compliance programs.

Resources mentioned in this episode:

2026 Regulatory Oversight Report

FINRA Forward

FINRA Crypto and Blockchain Education Program

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: Vendors, Intelligence Sharing and FINRA’s Mission

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

SEC Regulation Best Interest (Reg BI)

5310. Best Execution and Interpositioning

Ep. 168: Investing Wisely in 2025: Avoiding Scams and Achieving Your Financial Goals

Ep. 173: Vendor Vigilance: Navigating Third-Party Risk

Ep. 177: Previewing FINRA’s Crypto and Blockchain Education Program

Ep. 180: Building Cybersecurity Resilience Through FINRA Forward

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As a self-regulatory organization, engagement with member firms is vital to FINRA’s success. On this episode, we highlight engagement opportunities, provide insight into how FINRA is listening and taking action on what we're hearing, and encourage even more listeners to get actively involved in FINRA's outreach.

FINRA Senior Vice President Kayte Toczylowski is joined by two current FINRA regional committee members: Serving on FINRA's Midwest regional committee, Margaret Dubil, Director of Surveillance for Stifel, Nicolaus & Company, and Stifel Independent Advisors; and serving on the New York regional committee, Peter Garcia, Head of Business Development and Controls at Rabobank and Officer of Rabo Securities USA, Rabobank's U.S. broker- dealer. The two provide firsthand experience on engaging with FINRA.

Resources mentioned in this episode:

FINRA Forward

FINRA Crypto and Blockchain Education Program

Blog Post: FINRA Forward’s Rule Modernization—An Update

Blog Post: FINRA Forward Initiatives to Support Members, Markets and the Investors They Serve

FINRA Conferences and Events

2025 Involvement and Election Process Overview

FINRA Engagement Portal

FINRA Advisory Committees

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Subscribe to our show on Apple Podcasts, Google Play and by RSS.