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On Wall Street.com – Institute Takes Issue With SIFMA on Proposed Uniform Fiduciary Rule

By Knut Rostad on April 26, 2012

The Institute was recently interviewed for an article published in OnWallStreet.com. The full article is here, and an excerpt is below.

 

Aerial photograph of Wall StreetDespite SIFMA’s public statements that it supports a uniform fiduciary rule for all advisors, the Institute for the Fiduciary Standard believes that the brokerage industry group is really advocating a less stringent brokers sales standard.

In a strongly worded letter to the Securities and Exchange Commission, the Vienna, Va.-based Institute that represents investment advisors criticized SIFMA’s stand on the proposed rule. “It’s not even a close call to being a fiduciary standard,” Knut Rostad, the Institute’s president, said in a phone call to On Wall Street to discuss his letter on SIFMA’s position.

“SIFMA’s views are not supportable and would make a mockery of the fiduciary standard,” the Institute stated in its April 9th letter to SEC chairman Mary L. Schapiro. “As with any investment advice, whether the recommendation of proprietary products or a limited range of products depends on the facts and circumstances.

SIFMA wants “want to use the word fiduciary but when you look at the essence of it, it comes up short,” Rostad said in a telephone interview. During the last two weeks, members of the Institute have had four meetings with SEC staff and commissioners. From those meetings, Rostad said that there are a number of issues that have yet to be settled. “I think there’s certainly an opportunity to press these points and make our case.”

Read more…

Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture

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