By: Shawn Mars
When most people think about Wall Street, they imagine billion-dollar deals, seasoned advisors, and endless legal paperwork that only insiders can understand. For Melissa Stein, a wife, mother, grandmother, and longtime investor from Passaic, New Jersey, the financial system has always felt distant and overwhelming for ordinary families.
That changed when she discovered a little-known rule called Regulation Best Interest (Reg BI). Passed in 2020, the rule was designed to protect retail customers in brokerage accounts by requiring brokers to disclose all material conflicts, eliminate placement fees, and make sure clients fully understand their choices.
Melissa quickly realized something surprising. Almost no one outside the industry knew this rule existed. “I found out that no one knows about this rule and I felt I wanted to do something about it,” she explained. “Retail customers are the King and Queen under Reg BI. They have to tell you everything, AND make sure you understand it.”
Instead of keeping that knowledge to herself, Melissa decided to act. She created a public-facing platform to explain Reg BI in plain language and give consumers resources they could use to push back when something did not feel right.
A Personal Mission
Melissa does not come from a Wall Street background. She speaks as a regular investor who wants fairness and transparency. That perspective, she believes, is her strength. “The wealth management industry has many fine people. Everyone is influenced by their financial incentives. By correcting the mismatch in information, I hope that retail customers will be able to understand the incentives that drive investment professionals.”
Her goal is not to vilify the entire industry. Instead, she wants to even the playing field so that consumers understand when advice is being shaped by commissions or hidden incentives. “The only vote that matters is yours. If you think they misled you, they misled you,” she said.
Melissa emphasizes that under Reg BI, the standard is not what a firm believes is enough disclosure, but what the customer feels was material. If a client thinks information was withheld, that perspective matters.
From Investor to Advocate
Melissa’s path to advocacy grew from her own experience trying to make sense of the financial world. She describes the language of disclosures as dense and confusing, often designed in ways that left retail customers feeling they had no choice but to trust their broker.
She believed that trust should be earned through honesty, not complexity. When she discovered that Reg BI put the burden on brokers to provide “full and fair” disclosure and to ensure the client’s understanding, she knew she had to amplify that message.
She designed her site as a plain-language guide to the rule. Visitors find explanations of brokerage accounts versus advisory accounts, why compensation structures matter, and what rights consumers have if they feel misled.
Advocacy in Action
Melissa is clear that her project is not about legal action for its own sake. Her first priority is education. She encourages consumers to ask questions, to insist on comparisons between brokerage and advisory accounts, and to demand clarity around fees.
At the same time, she makes it clear that people are not powerless if something has gone wrong. “Please be in touch and let us know how we can help. If you think your broker violated Reg BI, we can help you write a letter that will get noticed. And if that does not work, we know attorneys that take contingency cases — they get paid only if they win.”
This two-step approach — education first, escalation if necessary — reflects Melissa’s desire to empower families rather than frighten them. She believes most situations can be resolved with more transparency, but she also wants consumers to know they have recourse.
Building Awareness
Part of Melissa’s advocacy is making sure Reg BI is not just an obscure rule buried in legal language but a living safeguard people can use. She often points out that retail customers do not need to be securities lawyers or spend hours poring over documents. The rule puts responsibility on brokers to communicate clearly, not on families to decode financial jargon.
Her message resonates because it comes from someone outside the system. Melissa speaks as a consumer who understands the frustration of trying to navigate investments without straightforward information. That authenticity is central to her work.
A Profile in Passion
What makes Melissa’s story stand out is her decision to step forward when she saw a gap in knowledge. She is not a lawyer or a regulator. She is an investor who realized she could make a difference simply by sharing information others were missing.
That authenticity makes her voice compelling. She writes for ordinary families who want to understand the rules that protect them but do not have the time or resources to dig through complicated regulations.
Melissa’s advocacy is part education, part encouragement, and part accountability. She believes consumers should never feel powerless in the face of financial complexity. By making Reg BI understandable, she hopes more families will take confidence in asking questions, pushing for transparency, and insisting on fairness.
Looking Ahead
Melissa’s platform continues to grow as more people find her resources online. Each visitor who learns about Reg BI adds momentum to her mission of spreading awareness.
Her message is simple. Consumers are not powerless. They do not need to accept partial disclosures or confusing explanations. Under Reg BI, as Melissa puts it, retail customers truly are the King and Queen.
Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or professional advice. Readers are encouraged to consult with qualified professionals for personalized guidance.
