Knut Rostad, the president of the Institute for the Fiduciary Standard, said the new SEC rules will give investors a false impression that brokers are being held to higher standards.
Important articles on the fiduciary standard. Visit our Must Reads archive page to read older articles.
Stockbrokers will have to disclose more about conflicts; they won’t have to do more about conflicts under a government plan favored by Wall Street. This is the problem.
Securities and Exchange Commission Chairman Jay Clayton hinted that Regulation Best Interest might be released sooner than expected.
When selecting a TAMP for a client, an advisor should structure their due diligence process to focus on client benefits.
One-page document would crystalize costs highlighted in Form ADV for Massachusetts investors. Knut Rostad praised William Galvin for illuminating fees.
According to Kenneth Corbin’s reporting in Financial Planning, it might. Corbin reports that firms such as Morgan Stanley, Wells Fargo, Schwab, and TD Ameritrade write in comment letters to Nevada the new rule would dissuade their offering their BD transaction services.