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The Institute for the Fiduciary Standard

A resource site for investors, brokers, academics and the media.


Building a fiduciary culture of honesty, integrity, and expertise.

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Academic Papers

The Fiduciary Structure of Investment Management Regulation

By Knut Rostad on April 21, 2017

Arthur Laby

By Arthur Laby — Investment managers owe fiduciary duties to clients, including the duty of loyalty and the duty of care. A persistent question, with no clear answer, is what precisely is required by the duties of loyalty and care. In this paper, I argue that much of investment management regulation is a response by regulators to the uncertainty inherent in the fiduciary obligation.

Professional and Personal Financial Planning

By Knut Rostad on May 16, 2014

investing-ira-roth

By Jeffrey W. McClure, CFP® — An excellent paper on the origins, meaning and importance of professions, and the status of financial planning as a profession.

The Fiduciary Obligations of Financial Advisors Under the Law of Agency

By Knut Rostad on March 19, 2013

Robert Sitkoff

By By Robert H. Sitkoff — “Whether a financial advisor is an “investment advisor” or a “broker” (or neither) under the federal securities laws, an advisor may be an agent under the common law of agency.”

Selling Advice And Creating Expectations: Why Brokers Should Be Fiduciaries

By Knut Rostad on December 1, 2012

Arthur Laby

By Arthur B. Laby — Because investors reasonably expect that brokers will, in fact, operate in a fiduciary capacity, the SEC should impose a fiduciary duty on brokers that give investment advice.

Mutual Fund Performance Advertising: Inherently and Materially Misleading?

By Knut Rostad on December 30, 2011

Securities and Exchange Commission Seal

By Alan R. Palmiter & Ahmed E. Taha — Despite the fact that mutual funds’ past performance is not a good predictor of future returns, mutual fund companies routinely advertise the returns of their best funds.

Fiduciary Law in the 21st Century

By Knut Rostad on May 1, 2011

Tamar Frankel

By Tamar Frankel — This paper was presented as part of a conference on fiduciary law at Boston University on October 29, 2010.

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Dan Moisand

 

Dan Moisand is a nationally recognized fiduciary fee-only financial planner, an Institute Real Fiduciary™ Advisor and Chair-elect of the CFP Board.

The Institute has enshrined the ‘Moisand Rule’ on fiduciary practices. It is basic and is more important today than ever: “You have to avoid conflicts. If I avoid a conflict, I don’t worry about it.”

Watch the video of Moisand speaking here.

Bob Veres

 

Bob Veres is a long term observer of financial planning. His Newsletter, “Inside information” Is a staple of leading planners. In the May edition he writes about fiduciary and the Institute.

"But a much bigger point is that the fiduciary standard—as Knut Rostad of the Institute for the Fiduciary Standard has pointed out—has been determined by the Supreme Court (1963 ruling) to be at the very heart of the Investment Advisers Act of 1940. It is the foundation of what it means to be an RIA registered with the SEC instead of a tipster or a tout."

- Bob Veres, Parting Thoughts ... The SEC's Own Compliance Culture

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