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The Institute for the Fiduciary Standard

A resource site for investors, brokers, academics and the media.


Building a fiduciary culture of honesty, integrity, and expertise.

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The Times Editorial, Fiduciary Duty and the Levitt Rule

By Knut Rostad on July 11, 2012

This article by Knut Rostad, president of the Institute for the Fiduciary Standard, was recently published in AdvisorOne. An excerpt is below, and the full article is at AdvisorOne.com

The New York Times editorial, “Want to Buy a Mutual Fund?” aptly chose the nation’s 236th birthday on July 4 to underscore the vital role of fiduciary law in American history. It did so by reminding its readers that the SEC’s efforts to apply the fiduciary standard to brokers “have been stymied by financial-industry opposition and weak Congressional support.” True enough.

This pro-fiduciary editorial came on the heels of a Times news article that reported on JPMorgan’s successful and profitable efforts to promote its own proprietary mutual funds ahead of non-proprietary funds. The story notes, “It is a controversial practice, and many companies have backed away from offering their own funds because of the perceived conflicts,” but that JPMorgan defends its program. The defense is not, according JPMorgan, that brokers are not required in law to put clients’ interests first, but that its in-house expertise is impressive and that customers want access to in-house funds.

So far, so good.

>> 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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