The Institute submitted a comment letter to the Iowa Insurance Division on its proposed rulemaking in light of SEC’s Reg BI.
Regulators treated brokerage sales and fiduciary advice differently for years, stressing the harms and risks of conflicts of interest. Avoiding conflicts, if at all possible, was the norm. That was yesterday.
SEC staff to issue two “Risk Alerts” for further guidance.
On March 26, there was a half-hour conference call with the Institute, Moneta Group Investment Advisors, Creative Planning, Modera, Abacus Planning Group, the Alliance of Comprehensive Planning, and Western Kentucky University.
Karen Barr and Knut Rostad take opposite sides of the timely debate on advisor advertisements with testimonials and endorsements.
There may be parts of the SEC’s 1961 advertising rule that deserve updating. The ban on testimonials and endorsements is not one of them.