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You are here: Home / Archives for Research / Legislation and Rulemaking

Legislation and Rulemaking

Proposed Code of Ethics and Standards of Conduct to CFP Board of Standards

By Knut Rostad on September 21, 2017

Knut A. Rostad

The proposed standards move financial planners towards professionalism on a number of fronts. Two stand out. One, in a sharp departure from the current standards, all CFPs who render financial advice are held to fiduciary conduct. Two, in the proposed standards conflicts begin to be addressed.

Restoring Investor Trust in Wall Street, with Broker-Dealers and Investment Advisers

By The Institute on September 8, 2014

Welcome to The Institute for the Fiduciary Standard

Fiduciary September 2014 Special Webinar with five panelists: John Taft (JT), RBC Wealth Management, Michael Falk, Focus Consulting Group, Jack Waymire, Paladin Registry, David Armstrong, WealthManagement.com, and Knut A Rostad (KR), Institute for the Fiduciary Standard

Rulemaking Re: Brokers, Dealer and Investment Advisers

By The Institute on April 9, 2012

On July 14, 2011 SIFMA submitted comments to the SEC on a proposed framework for establishing a uniform fiduciary standard of conduct for broker-dealers. SIFMA’s proposal departs from the fiduciary standard as set forth under the Advisers Act of 1940 and, if adopted, would be particularly harmful to retail investors.

The Specific Fiduciary Duties of Investment Advisers

By The Institute on April 12, 2011

Contrary to what some of the comments received by the DOL/EBSA suggest, fiduciary duties are neither too “ill-defined” nor “vague” to be applied to investment advisory activities. Such duties have been applied to other professionals for centuries. Additionally, there is a significant body of case law applying fiduciary duties of due care, loyalty, and good faith upon the activities of investment advisers (both at the federal and state level).

Comments on Definition of Fiduciary Proposed Rule

By The Institute on April 12, 2011

Disclosures and client consent are insufficient – by themselves – to satisfy the fiduciary standard. Investors must be able to rely on and have confidence in the expertise of their advisor. This can only be accomplished by applying a standard that prohibits all conflicts of interest.

Proposed Rule, Definition of the Term “Fiduciary”

By The Institute on April 11, 2011

Certain comments made by Kenneth E. Bentsen, Jr. of SIFMA before the U.S. Department of Labor hearing on the proposed definition of fiduciary regulation were either misleading and/or not relevant to the issues under consideration. The DOL should carefully scrutinize the (flawed) arguments of those organizations opposed to a bona fide fiduciary standard of conduct.

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Fiduciary Doings

Tamar Frankel and Phyllis Borzi

 

The Institute organized a meeting to discuss common interests on Reg BI, the states and advocacy on January 16 in Washington. 22 leaders from nine advisor and consumer advocacy organizations attended.

Here, Phyllis Borzi (left) and Tamar Frankel, Institute Board of Advisor members, are seen readying to depart an Institute dinner, the evening before, where they led discussions.

Carolyn McClanahan

 

"With the advent of 401(k)s and the decimation of pension plans to ensure financial security in old age, a fiduciary standard is more important than ever. The public needs to be confidant that advisors helping them plan for their retirement years always and only act in their best interest as a fiduciary. I'm happy to endorse organizations such as the Institute for the Fiduciary Standard that promote protections for those who need to secure their financial future."

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