In a comment letter to the SEC, The Secretary writes,” It is evident that the Commission has abandoned a Fiduciary standard in the name of ‘choice.'”
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.
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.
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.
I believe the fiduciary movement is making real progress. A few years ago, I regularly heard, “What does fiduciary mean?” Now, frequent internet searches for “fiduciary” or “fee-only” advisors find us. Many clearly understand. Nevertheless, there is still confusion.
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.