The Institute applauds the Commission for seeking additional data and information regarding the costs and benefits of broker dealers putting the best interests of investors first. The important purpose of this release, however, is overshadowed by certain discussions on fiduciary duty. One such discussion concerns the duty of loyalty in a “possible” * uniform fiduciary […]

Three years ago, for Valentines Day, NYT personal finance writer Tara Siegel Bernard wrote a column, “Will you be my Fiduciary?” and discussed how investors might engage a fiduciary advisor. Bernard’s headline was clever enough, but is there is any logical link between one’s Valentine and one’s fiduciary? Not at first sight. The romantic spirit of Valentines Day, […]

Key report, “Emphasized that an adviser cannot provide unbiased advice unless conflicts of interest were removed.” Over the past several years, scholar Arthur Laby has been one of the most prolific researchers on the fiduciary duties of advisers and the meaning of the suitability standard of brokers-dealers. In his most recent law review article, Selling […]

SIFMA affirms uniform standard must be “no less stringent” than ’40 Act John Wasik, a Forbes columnist, wrote a piece (published here) discussing Knut Rostad’s blog, “Four More Years?”  Wasik’s piece attracted a response from SIFMA (highlighted here in part) that, though including some misunderstandings that can be easily cleared up, is encouraging. It is […]

As the Obama administration prepares for its next four-years, this much is clear: The fiduciary standard is worse off today, as compared to four years ago, in its position in federal rulemaking and the public square. Fiduciary proponents need to regroup and rethink how to best move forward and prevent a repeat. Under an Administration that […]