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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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  • Jack Bogle

Fiduciary rule got support from a surprising contingent

By Knut Rostad on May 26, 2016

financialplanninglogoAuthor: Ann Marsh
Source: Financial Planning

May 24, 2016

Over the years the Department of Labor spent developing and then reworking the fiduciary rule, Assistant Secretary Phyllis Borzi and her colleagues regularly received support from a surprising quarter – people who work for some of the companies that most vehemently fought it.

“Wherever I would go, people would come up to me, wearing name tags of companies that were wildly opposed to what we were doing, and they would say, ‘You go, girl,’ ” Borzi told an audience at an Institute for the Fiduciary Standard event this week. “And that kept us going.”

Borzi spoke along with other prominent fiduciary advocates, including John Bogle, founder of the Vanguard Group, at a half-day conference that launched the Campaign for Investors, an initiative of the institute.

“I know for a fact that some of the biggest names in the financial world, who have been fighting us tooth and nail, have already been building systems for almost two years … to comply,” says Assistant Secretary Phyllis Borzi.

 

Read the full article on Financial Planning here.

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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