Many financial advisors today, including CFPs, call themselves “fiduciaries” but still possess conflicts of interest that are often not properly managed.
Karen Barr and Knut Rostad take opposite sides of the timely debate on advisor advertisements with 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.
The disclosure underscores the need for CFP Board to provide additional guidance to CFPs required to manage material conflicts.
Massachusetts is looking to enforce an industry-wide fiduciary standard within its own borders. Will other states follow?
by Ron A. Rhoades, JD, CFP®
There are many prerequisites to becoming a true profession. Have we satisfied those requirements? And if so – do we desire to take the next step – seeking true status as a profession through legislation?