Advisors, Planners, Industry Veterans and Scholars Assess the State and Future of Fiduciary Advice and Planning

Phyllis Borzi, Assistant Secretary, EBSA, DOL, (2009-2017) Luis Aguilar, SEC Commissioner (2008-2015), Bob Veres, Ron Rhoades, Jamie Hopkins, Skip Schweiss, Elizabeth Jetton, Dave Yeske, Ben Edwards and millennial financial planners, speak out

Virtual panels on September 8, 13, 14, 15, 20, 21.

A hybrid in-person (NY) / virtual panel on September 22 features Frankel Fiduciary Prize honoree. Times/links on page 2, 3, 4

(The full news release can be downloaded in .PDF form here)

Media Coverage

September 14, 2022 (InvestmentNews, Mark Schoeff Jr.) – Why has Knut Rostad lost faith in the SEC
September 19, 2022 (FA Magazine, Tracey Longo) – FPA Pressing Ahead With ‘Planner’ Title Protection, Group’s Chairman Says
September 19, 2022 (InvestmentNews Podcast) – Celebrating Fiduciary September with Knut Rostad
September 21, 2022 (InvestmentNews, Ryan W. Neal) – Financial Advisers Debate The Best Ways To Charge Clients
- InvestmentNews Editorial – The ‘best’ way to pay for advice
September 23, 2022 (FA Magazine, Edward Hayes) – Former DOL Official Sees Agency Redefining ‘Fiduciary’
September 23, 2022 (FA Magazine, Tracey Longo) – Does Being A Fiduciary Depend On The Fee Model?
October 3, 2022 (Advisor Perspectives, Bob Veres) – How to Fix Our Failed Approach to Fiduciary Lobbying
October 6, 2022 (PLI’s inSecurities Podcast) – The Highest Duty of Care: Preserving the Fiduciary Standard

Institute Pamphlet

September 28, 2022 – Winston Churchill’s historic words help explain our mission (link)

Panels

September 8, 2022: 2:00 – 3:00 PM ET “The State of Advice and Fiduciary in 2022” Speakers: Brian Hamburger, Bob Veres, Skip Schweiss, Steven Lee and Thomas Trainor Moderator: Knut Rostad

3:00 – 4:00 PM ET “Reg BI: Enforcement and Guidance at Two Years” Speakers: Ben Edwards, August Iorio, Peter Mafteiu, Ron Rhoades Moderator: Knut Rostad

September 13, 2022: 3:00 – 4:00 PM ET “A New FPA in 2022?” Speakers: Evan Simonoff, Skip Schweiss, Knut Rostad, Jeffrey McClure; The Financial Planning Association (FPA) has announced its intent to protect the term “financial planner”; FA’s Evan Simonoff broke the story that FPA will leave the Financial Planning Coalition.

September 14, 2022: 4:00 – 5:00 PM ET “Empowering Success: Launching a Career in Financial Planning” Speakers: Anne Marie Ashworth and Emily Jackson; Two recent grads from financial planning programs and nationally recognized RIAs speak to current students on getting alternative paths to start their careers.

September 15, 2022: 3:00 – 4:00 PM ET “The FPA Legal Victory over the SEC in 2007; What it Means in 2022” Speakers: Elizabeth Jetton, Dan Moisand, Dave Yeske Moderator: Knut Rostad; The FPA victory over the SEC in 2007 is historic. The legal challenge was driven by a passion that consumers should get fiduciary advice. FPA leaders who were involved speak on its meaning in 2022.

September 20, 2022: 3:00 – 4:00 PM ET “The Debate: Fixed/flat/hourly or AUM Fees” Speakers: Adam Cross, Alex Offerman, Cody Garrett, Jamie Hopkins and Jeff Benjamin; Fiduciary fee-only advisors and planners debate the pluses/minuses of AUM fees. Publisher Bob Veres and advice strategist Mark Tibergien have noted problems with AUM. Younger fee-only planners are aggressively advocating AUM alternatives.

September 21, 2022: 3:00 – 4:00 PM ET “Millennials: ‘ The Future of Financial Planning'” Speakers: Christine Crigler, Lauren Stansell, Yesenia Realejo, Eileen Stevens, Dan Graham Moderator: Darren Fogarty; Technology, baby boomer retirements, covid and new social attitudes about the work / life relationship are forces changing thinking on the future financial planning. Millennials are leading the charge. View how five millennial financial planners think about the future of planning.

4:00 – 5:00 PM ET “Financial Advice or Social Media ‘Finfluencer’” ; NASAA, The North American Securities Administrators Association, has focused on how social media lets celebrities and personalities offer endorsements of products or strategies. The line between credentialed “advice” and “influencers” who may have no financial expertise or credential is blurred.

Speakers: Knut Rostad, John J. Maron, Joseph Rotunda

September 22, 2022: 4:00 – 5:00 PM ET ” The State of Fiduciary Advice in 2022″ Speakers: Phyllis Borzi, James Tierney and Knut Rostad; Commenter: Arthur Laby

With recent changes from the SEC, including Regulation Best Interest, Form CRS, the interpretation regarding the standard of conduct for investment advisers, panelists will discuss the state of fiduciary advice in 2022. I.E: the advantages / disadvantages of these regulatory developments, and compare and contrast advice from various market professionals, such as investment advisers, broker-dealers, retirement advisers, financial planners, banks, and others.

Some trace the recent changes to 2018, when the SEC proposed new rules, others trace these reforms to the 1970s. Panelists will also share perspectives on whether and when broader changes in the markets, and in society, bear on the duties and obligations of financial services providers.

5:00 – 5:20 PM ET “Award of Frankel Fiduciary Prize to Arthur B. Laby” Speakers: Knut Rostad, Tamar Frankel, Deborah DeMott, Luis Aguilar

Fiduciary September 2022 Speaker List

Anne Marie Ashworth, Abacus Planning Group

Luis A Aguilar, SEC Commissioner, Securities & Exchange Commission, 2009—2015

Phyllis Borzi, Assistant Secretary, EBSA, Department of Labor, 2009-2017

Jeff Benjamin, Senior Columnist,Investment News

Christine Crigler, Summit Place Financial Advisors

Adam Cross, AMC Wealth Management

Deborah DeMott, David F. Cavers Professor of Law, Duke Law

Benjamin Edwards, Professor of Law, Las Vegas Boyd School of Law

Darren Fogarty, SOLV

Tamar Frankel, Professor of Law, Emerita, Boston University School of Law

Cody Garrett, Measure Twice Financial

Dan Graham, NextGen Planners, United Kingdom

Brian Hamburger, MarketCounsel

Jamie Hopkins, Carson Group

August Iorio, Iorio Altamirano

Emily Jackson, Plancorp

Elizabeth Jetton, Elizabeth Jetton Consulting Services

Arthur Laby, Rutgers Law School

Steven Lee, California State Polytechnic University

Peter Maftieu, Sound Compliance

John J. Maron, Department of the Secretary of State

Dan Moisand, MoisandFitzgerald

Yesenia Realejo, Tobias Financial Advisors

Ron A. Rhoades, Associate Professor of Finance, Western Kentucky University

Joseph Rotunda, Texas State Securities Board

Skip Schweiss, Ambassador for Fiduciary Advice and Financial Planning

Evan Simonoff, Editor in Chief, Financial Advisor

Lauren Stansell, Yeske Buie

Eileen Stevens, RegentAtlantic

James Tierney, Assistant Professor, Nebraska College of Law

Thomas Trainor, Hanover Private Client Corporation

Bob Veres, Inside Information

Dave Yeske, Yeske Buie

About the Institute for the Fiduciary Standard

The Institute for the Fiduciary Standard is a non-profit formed in 2011 to provide research, education and advocacy on the vital role of the fiduciary standard for investors and the capital markets. For more information, visit www.thefiduciaryinstitute.org.