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.
Advisor News
Small Investors: Dump Brokers’ “Incidental” Advice, Get Real Advice
The simple fact remains that investment advisers represent their clients and broker-dealers represent issuers. Investors deserve real advice. That’s why we formed the No Incidental Investors initiative.
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.
Memo on the Proposed Code of Ethics and Standards of Conduct to CFP Board
In a memo to CFP Board from the Institute, we comment on its new standards. The proposed standards move financial planners towards professionalism on a number of fronts. Two stand out. One, in a sharp departure from the current standards, all CFPs who render financial advice are held to fiduciary conduct. Two, in the proposed standards conflicts begin to be addressed.
John Taft of SIFMA Explains Conduct Standards
Candid conversation with John Taft of SIFMA on conduct standards.
The Specific Fiduciary Duties of Investment Advisers
Contrary to what some of the critical comments received by the DOL/EBSA suggest, fiduciary duties are neither too “ill-defined” nor “vague” to be applied to investment advisory activities. Such duties have been applied to other professionals for centuries. Additionally, there is a significant body of case law applying fiduciary duties of due care, loyalty, and good faith upon the activities of investment advisers (both at the federal and state level).