SIFMA affirms uniform standard must be “no less stringent” than ’40 Act John Wasik, a Forbes columnist, wrote a piece (published here) discussing Knut Rostad’s blog, “Four More Years?” Wasik’s piece attracted a response from SIFMA (highlighted here in part) that, though including some misunderstandings that can be easily cleared up, is encouraging. It is […]
Four More Years?
As the Obama administration prepares for its next four-years, this much is clear: The fiduciary standard is worse off today, as compared to four years ago, in its position in federal rulemaking and the public square. Fiduciary proponents need to regroup and rethink how to best move forward and prevent a repeat. Under an Administration that […]
Another Look at CFP Board
Michael Kitces makes an important contribution to the discussion about how CFP Board should apply its fiduciary standard, in his recent blog post. In sum, Kitces urges CFP Board to abandon its approach of applying its fiduciary standard only when a certificant is doing financial planning, or material elements of financial planning, and instead apply […]
Selling Advice And Creating Expectations: Why Brokers Should Be Fiduciaries
By Arthur B. Laby — Because investors reasonably expect that brokers will, in fact, operate in a fiduciary capacity, the SEC should impose a fiduciary duty on brokers that give investment advice.
CFPs Should Vote on the Future of Financial Planning’s Character
Just as the election campaign is over, a campaign that has been reported to make children cry, CFP Board is in the midst of a public discussion about what the CFP designation means. This discussion is extraordinarily important and has no easy solution. CFPs should be allowed to express their voice — to vote to […]
Paying Attention to Investor Distrust
Last week witnessed a number of thought provoking and important commentaries that raise important questions on the status of investor trust — and what to do about it. Sunday. One-man think-tanker Ron Rhoades provides a detailed legal analysis of the background on the facts and circumstances determining the presence of fiduciary status, as a […]
