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Shops Line Up at SEC Offices to Sway ‘Best Interest’ Outcome

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IGNITES reports on Groups Meeting with SEC on Reg BI; Highlights “Raise Your Voice” Campaign, and highlights the meetings of the Institute. In July 26 article, Jill Gregorie lists 55 meetings at the SEC of groups ranging from the U.S. Chamber of Commerce and SIFMA to AARP, CFA Institute, CFA and the Institute for the Fiduciary Standard. About the ‘Raise Your Voice” campaign, Gregorie writes:     

“The Institute for Fiduciary Standard, for example, sat down with the regulator on at least six occasions between April and June. In June, the Washington, D.C.-based think tank, which represents registered investment advisors, launched a “Raise Your Voice” campaign that pushes RIAs to speak out against the proposal before the Aug. 7 feedback deadline. The group’s website also features flyers and social media graphics that advisors can share with their personal and business networks. One such flyer alleges that under the SEC’s “best interest” standard, brokers will need to demonstrate more loyalty to their employer than to clients.”

(Note: This is a summary of the original article by Jill Gregorie on July 26, 2018 on the ignites.com website. A direct link is not available.)

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