Advising in an intimate relationship of two differs markedly from offering incidental advice in a sales relationship of three. This is what the SEC needs to know to close the gap and create a standard retail investors would reasonably expect.
Knut's Views
A Path Forward for the CFP Board
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?
It’s time advisors and brokers go their separate ways
Judge Edith Jones argues for the logic and reasonableness in demarcation. Her ruling also argues for the central importance of reforming job titles, reinforcing a clear line between brokers and advisors.
WSJ’s Investigative Report on Discount Brokers
WSJ’s Investigative Report on Discount Brokers: For decades, fee-only fiduciary advisors have said that being compensated only by client fees is better. Advisors are less conflicted, offer more fee transparency and clarity, and this makes for better client advice.
Commercial sales rules threaten to redefine fiduciary advice
What’s ahead for 2018? There seems to be little basis to believe that the SEC will require financial advisers to act in the best interests of clients by requiring their advice (apart from any accompanying disclosure) to be unaffected by the adviser’s conflicts.
Mark Tibergien’s Comments on RIAs Are Tough, but Deserve to Be Heard
Mark Tibergien, the Pershing Advisor Solutions CEO, is sure to upset many RIAs, as his comments on RIAs suggest in an Oct. 18 discussion I had with him.
