Institute: Does March 30th SEC Staff Opinion Effectively Eliminate The Word “Fiduciary” from Form CRS?

By The Institute on April 13, 2022

Industry Experts (Knut Rostad and Jeffrey Lang) speak on the March 30th SEC Staff opinion seemingly set to eliminate “fiduciary”.

This Press Briefing has been covered in the following articles:

SEC Accused Of Preventing RIAs From Calling Themselves ‘Fiduciaries’ – FA Mag
Fiduciary Advocates Raise Alarm About SEC Limits on Term ‘Fiduciary’ – InvestmentNews
SEC Guidance Could Limit ‘Fiduciary’ Descriptor in Form CRS – Wealth Management

Following multiple responses to these articles, Knut has been featured in the InvestmentNews Podcast:

InvestmentNews Podcast – Knut Rostad clarifies the SEC’s revisions to Form CRS

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