Putting choice ahead of professional conduct, the RBI buffet embraces the junk food Mr. Cohn champions.
Go back to the drawing Board on conduct standard proposals.
In a comment letter to the SEC, The Secretary writes,” It is evident that the Commission has abandoned a Fiduciary standard in the name of ‘choice.'”
Letter to the SEC on Regulation Best Interest
Letter from Knut A. Rostad of the Institute for the Fiduciary Standard to SEC Chairman, Jay Clayton, regarding the Regulation Best Interest on August 6, 2018.
Shops Line Up at SEC Offices to Sway ‘Best Interest’ Outcome
In July 26 article, Jill Gregorie lists 55 meetings at the SEC of groups ranging from the U.S. Chamber of Commerce and SIFMA to AARP, CFA Institute, CFA and the Institute for the Fiduciary Standard.
Mr. Chairman, “Rebuild the 40 Act Wall”
I challenge any reader of this article to cite an example where broker-dealers urged brokers to avoid conflicts over disclosing conflicts.
Fiduciary Adviser Groups to Host Virtual Press Conference
Several nationally recognized groups of fiduciary advisers on June 28, 2018, announced an initiative to urge RIAs (SEC and state registered investment advisers) to write the SEC (Securities Exchange Commission) and explain how independent financial advisers are different from brokers.
