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Human Capital: Ron Rhoades Unpacks Reg BI Unknowns

By Knut Rostad on October 5, 2020

This podcast originally appeared on ThinkAdvisor by Melanie Waddell.

https://traffic.libsyn.com/secure/force-cdn/highwinds/almhumancapital/Episode_25_-_Ron_Rhodes.mp3

In this episode of Human Capital, we talk with Ron Rhoades, director of the personal financial planning program and assistant professor of finance in the Gordon Ford College of Business at Western Kentucky University, who was recently awarded the Tamar Frankel Fiduciary prize by the Institute for the Fiduciary Standard.

Rhoades unpacks some big questions that he says have yet to be answered concerning the Securities and Exchange Commission’s Regulation Best Interest: “Is it going to improve the standard of conduct for brokers? … There’s a lot that we don’t know about Reg BI.”

With Reg BI, says Rhoades: “Basically the SEC is taking this phrase ‘best interest,’ which has an established legal meaning, and is redefining the English language. The question is: how are they going to redefine it?”

As to the SEC’s Form CRS: “It’s a travesty.”

Rhoades also prognosticates whether the SEC will get rid of 12b-1 fees.

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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