SEC staff to issue two “Risk Alerts” for further guidance.
Advisor News
CFP Board removes compensation descriptions from consumer website
Knut Rostad, president of the Institute for the Fiduciary Standard, said investors should have a clear idea of which advisers are fee-only.
A Disappointing Move by the CFP Board
Many financial advisors today, including CFPs, call themselves “fiduciaries” but still possess conflicts of interest that are often not properly managed.
Debate Counter Point: “Testimonials and Endorsements Won’t Help Investors”
Karen Barr and Knut Rostad take opposite sides of the timely debate on advisor advertisements with testimonials and endorsements.
Regulatory Action: Letter to SEC Opposing Lifting Current Ban on Testimonials and Endorsements
There may be parts of the SEC’s 1961 advertising rule that deserve updating. The ban on testimonials and endorsements is not one of them.
Northwestern Mutual Disclosure of Conflicts for CFPs Reveals Scale, Scope, Complexity and Opacity of Incentives
The disclosure underscores the need for CFP Board to provide additional guidance to CFPs required to manage material conflicts.
