The Institute for the Fiduciary Standard

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Building a fiduciary culture of honesty, integrity, and expertise.

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Institute Announces New Appointments

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The Institute for the Fiduciary Standard today announced five new appointments. The appointments come as fiduciary duties remain front and center in securities regulation review at the SEC and in the marketplace.

Financial Firms’ Step Toward Fiduciary; Are These Steps Enough and Will They Stay Intact?

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In 2016 and 2017, the Consumer Federation of America reported in three separate comment letters that 34 financial firms changed their products and/or product offerings to comply with the DOL Fiduciary Rule. They did so against a backdrop of industry criticism that the Rule would be harmful not only to their own business models, but to their customers and clients as well. Some of the very same firms heftily contributed to that backdrop. However, in announcing their new products and offerings, many of these same firms reversed their position on the impact on investors. Now, they believe such changes are overdue, prudent, and beneficial to customers. Why the switch? And will such product improvements survive the recent vacatur of the DOL Rule? Time will tell.

5-Part Test Left Plan Sponsors “Holding the Bag”

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For eight years Phyllis Borzi worked hard to make the fiduciary obligation consistent among service providers to the nation’s corporate retirement plans. When she retired last year, she looked forward to beginning to cross off those many deferred wishes from her bucket list. She has. But she hasn’t left the team.

A Path Forward for the CFP Board

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The CFP Board set out in its proposed standards fiduciary duties for all advice. Its statements are clear and strong. This is an important step. But alone, it falls very short. Why?

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