After showing early promise to fix industry self-interest, Reg BI has turned into a symbolic gesture by the SEC.
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Advisers, experts either hate SEC advice reforms or love them
“The Regulation Best Interest rules are a catastrophe for investors that will become known as Black Wednesday,” Knut Rostad said after emerging from the SEC meeting. “Investors will have to search even more diligently for real fiduciary advisers.”
SEC’s Regulation Best Interest
Knut Rostad, president of the Institute for the Fiduciary Standard, told ThinkAdvisor at the SEC meeting that it is a “catastrophe that will be remembered as black Wednesday.
Wall Street sees a win in SEC’s crackdown on broker conflicts
Knut Rostad, the president of the Institute for the Fiduciary Standard, said the new SEC rules will give investors a false impression that brokers are being held to higher standards.
Stockbrokers Face New Rules on Disclosing Conflicts of Interest
Stockbrokers will have to disclose more about conflicts; they won’t have to do more about conflicts under a government plan favored by Wall Street. This is the problem.
Warren Phillips, Fiduciary Evangelist
The Wall Street Journal remembered Warren Phillips, who retired as chairman of the Dow Jones Corporation in 1991 and passed away on May 10 at the age of 92.
