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Bogle: “New Fiduciary Rule is Just the Beginning”

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Author: Christopher Carosa, CTFA
Source: FiduciaryNews.com

Not far from the famous Hall where several dozen bold American Patriots launched a new nation, several dozen bold fiduciary advocates met for dinner in a second floor room of the City Tavern in the Historic District of Philadelphia, Pennsylvania. While the conversations before, during, and after the vintage Revolutionary-era meal remain off the record, the three journalists there were allowed to report on the prepared remarks spoken from the podium by a small but elite number of guests. It started with a surprise unscheduled speaker.

John Bogle needs no introduction, although Knut Rostad, Founder and President of the Institute for the Fiduciary Standard provided a glowing one. “Jack,” as he insisted I call him earlier in the evening, didn’t disappoint. Like a daring shot fired across the brow of the growing number of headlines suggesting the Fiduciary Era may be over, he blunted predicted the “new Fiduciary Rule is just the beginning.” He rallied the partisans, stating the fiduciary standard is meant not just for retirement plans (which the DOL’s Rule addresses), but for all investment accounts (which the SEC promises to address next year). But his warning wasn’t just for those opposed to placing the best interests of their clients first, it was aimed equally at policymakers in our nation’s capital. “The consumers will speak even if the law doesn’t,” he said.

Read the full article on Fiducary News here.

 

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