The Institute for the Fiduciary Standard

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Will Nevada’s fiduciary rule cause big broker-dealers to leave the state?

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According to Kenneth Corbin’s reporting in Financial Planning, it might. Corbin reports that firms such  as Morgan Stanley, Wells Fargo, Schwab, and TD Ameritrade write in comment letters to Nevada the new rule would dissuade their offering their BD transaction services.

Cited in the article, Knut Rostad, applauds the firms’ honesty in acknowledging that their broker reps can’t be fiduciaries. Rostad also suggest he doesn’t believe they will abandon the state.    

The firms should be congratulated for their honesty. To publicly say their brokers cannot be fiduciaries and put the best interest of their clients first advances the discussion and the ‘real fiduciary’ movement.”

Knut A. Rostad

Read the entire article on Financial Planning

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