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 […]

Just as the election campaign is over, a campaign that has been reported to make children cry, CFP Board is in the midst of a public discussion about what the CFP designation means. This discussion is extraordinarily important and has no easy solution. CFPs should be allowed to express their voice — to vote to […]

Last week witnessed a number of thought provoking and important commentaries that raise important questions on the status of investor trust — and what to do about it.   Sunday. One-man think-tanker Ron Rhoades provides a detailed legal analysis of the background on the facts and circumstances determining the presence of fiduciary status, as a […]