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Vanguard’s Bogle lauds new fiduciary-duty standard for retirement advice

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phillydotcom-logoAuthor: Erin E. Arvedlund
Source: Philly.com

May 24, 2016

Vanguard founder John Bogle has come out in support of the new fiduciary-duty requirement governing retirement plans, calling the U.S. Department of Labor regulations the “first step” in a movement he has been advocating for decades.

“Today, we’re at the beginning of an arc in finance toward fiduciary duty,” Bogle, 87, told a conference Tuesday at the National Constitution Center hosted by the Institute for the Fiduciary Standard, which has long advocated for fiduciary responsibility on Wall Street.

“The Department of Labor has taken that first step,” Bogle said of the rules issued in April.

Wall Street’s other regulators should get on board, he added.

Read the full article on philly.com 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