Recent regulatory and industry actions on fiduciary have come fast and furiously. Unfortunately, they are mostly bad news for investors. The exception: actions in the states. The takeaway: Investors are on their own to identify real fiduciary advisors, who are also on their own to stand apart from brokers. The Institute’s Best Practices and the Campaign for Investors are more important than ever. Here’s an update on these actions and what they mean.
Blog
It’s time advisors and brokers go their separate ways
Judge Edith Jones argues for the logic and reasonableness in demarcation. Her ruling also argues for the central importance of reforming job titles, reinforcing a clear line between brokers and advisors.
Borzi on Scottrade
Phyllis Borzi, former Assistant Secretary for the Department of Labor, speaks to WealthManagement’s Diana Britton on the story behind the story of the getting the DOL Rule down the mountain and through the finish line to win the gold medal.
Financial Advisors Provide Pro Bono Advice to October 1, Las Vegas Tragedy Survivors and Victims’ Families
Fiduciary, fee-only advisors from around the country today volunteered free financial advice to Las Vegas Tragedy survivors and victims’ families. A website serves to connect survivors and victim families who received funds with a financial advisor.
WSJ’s Investigative Report on Discount Brokers
WSJ’s Investigative Report on Discount Brokers: For decades, fee-only fiduciary advisors have said that being compensated only by client fees is better. Advisors are less conflicted, offer more fee transparency and clarity, and this makes for better client advice.
Comment Letter to SEC on Adviser and Broker Dealer Standards of Conduct
Adviser and Broker Dealer Standard of Conduct: For generations, the Advisers Act of 1940 has served well as a “contract” between advisers and their clients. The Commission’s rulemaking here effectively puts this “contract” under review and renewal.