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You are here: Home / Research / Legislation and Rulemaking / Time for Advisers to Speak to Us in Plain English, writes WSJ’s Jason Zweig

Time for Advisers to Speak to Us in Plain English, writes WSJ’s Jason Zweig

By The Institute on October 20, 2019

The WSJ’s Jason Zweig discusses the new SEC disclosure rule’s failure. He cites Congressman Sean Casten of Illinois who sponsored a bill that requires the SEC to test new disclosures. He suggests we communicate “More like Hemingway and less like lawyers.”

The new SEC rule fails because, among a host of reasons, it ignores simple common sense. Common sense that is evident in CFA Institute’s 2016, 2018 Trust research and the SEC’s own research. Common sense that underlies the Institute’s Real Fiduciary™ Practices. This common sense? Investors want honesty in transparency and clarity on fees and conflicts. That an act of Congress seems needed to get it speaks volumes.

Zwieg urges readers to weigh in. Let’s hope the SEC is looking.

Article originally appeared in the Wall Street Journal by Jason Zweig.

If you think your job is tough, try simplifying financial disclosures.

. . .

The new disclosure, called Form CRS, makes financial information simpler—but not simple enough. Investors don’t just need to learn what to ask, but why the answers matter.

Read the rest of the article at WSJ.com.

Institute & Industry Leaders

 

Chris Cannon, board member of the Institute's Real Fiduciary™ Practices and CFA Society Orlando, interviews Boston University Professor of Law Emerita, Tamar Frankel.

Frankel explains what led her to spend her career focusing on fiduciary law, what it means to be a fiduciary, and what conflicts of interest exist within the advisory space. She then offers her thoughts on what regulators should do to help eliminate these conflicts.

Carolyn McClanahan

 

"With the advent of 401(k)s and the decimation of pension plans to ensure financial security in old age, a fiduciary standard is more important than ever. The public needs to be confidant that advisors helping them plan for their retirement years always and only act in their best interest as a fiduciary. I'm happy to endorse organizations such as the Institute for the Fiduciary Standard that promote protections for those who need to secure their financial future."

- Carolyn McClanahan, Founder of Life Planning Partners

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