Winning the fiduciary “Debate” in 2015 was vital… and insufficient. The future of advice depends on how Fiduciary Duties and “Best Interest” are defined by regulators and advisors. History, law, research and common sense suggest that a stringent definition is necessary.
Research
Conflicts of Interest and the Duty of Loyalty at the Securities and Exchange Commission
Author: Knut A. Rostad Recently, Securities and Exchange Commission (SEC) Chair Mary Jo White said she supported the SEC moving ahead with a uniform standard for broker-dealers and investment advisers. Knut Rostad’s paper was published in the September issue of The Investment Lawyer. Read the white paper here.
SEC Commissioners Luis A. Aguilar and Daniel M. Gallagher on Fiduciary Duty
SEC Commissioners Luis Aguilar and Daniel Gallagher have announced they will leave the SEC when their replacements are selected.
Investment Advisers Act 75th Anniversary – Statements from Industry Leaders and Experts
The Investment Adviser Association (IAA) asked a number of industry professionals, regulators, and other experts to share their views on the value the Investment Advisers Act has brought.
Institute for the Fiduciary Standard/WealthManagement.com September 2015 DOL Conflict of Interest Survey
Institute for the Fiduciary Standard/WealthManagement.com September 2015 DOL Conflict of Interest Survey
Statement of Knut A. Rostad On “Best Interest” and SIFMA’s “Proposed Best Interest of the Customer Standard For Broker-Dealers”
The “Best Interest” standard is central to the regulation of advisers and brokers. It’s key to the DOL COI proposed rule and recent SEC statements and decisions. Now, a Securities Industry Financial and Markets Association (SIFMA) statement discusses conflicts of interest, disclosure and fee transparency. Despite its obvious importance, federal policy makers and regulators still have not affirmed or promulgated a view of the “Best Interest” standard as drawn from the Advisers Act and common law.