Author: Christopher Carosa, CTFA
Not far from the famous Hall where several dozen bold American Patriots launched a new nation, several dozen bold fiduciary advocates met for dinner in a second floor room of the City Tavern in the Historic District of Philadelphia, Pennsylvania. While the conversations before, during, and after the vintage Revolutionary-era meal remain off the record, the three journalists there were allowed to report on the prepared remarks spoken from the podium by a small but elite number of guests. It started with a surprise unscheduled speaker.
John Bogle needs no introduction, although Knut Rostad, Founder and President of the Institute for the Fiduciary Standard provided a glowing one. “Jack,” as he insisted I call him earlier in the evening, didn’t disappoint. Like a daring shot fired across the brow of the growing number of headlines suggesting the Fiduciary Era may be over, he blunted predicted the “new Fiduciary Rule is just the beginning.” He rallied the partisans, stating the fiduciary standard is meant not just for retirement plans (which the DOL’s Rule addresses), but for all investment accounts (which the SEC promises to address next year). But his warning wasn’t just for those opposed to placing the best interests of their clients first, it was aimed equally at policymakers in our nation’s capital. “The consumers will speak even if the law doesn’t,” he said.