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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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White Papers

Additional Testing Of Thirty Fee-Only IAs CRS Reveals The Widespread Practice of Omitting Mention Of Fiduciary Status

By The Institute on December 6, 2021

Further testing of Fee-only IAs CRS forms reveal that fiduciary status is frequently omitted

The Case to Fix Form CRS Disclosure

By The Institute on September 22, 2021

Testing reveals CRS forms of Large BDs obscure or omit key facts on core roles/purposes of broker-dealers. Large fee-only RIAs downplay fiduciary status, 5 of 12 omit mentioning their highest legal standard

“Investor Confusion” Over How Advisers Differ from Brokers Stymies Regulatory Disclosure, Experts Say

By The Institute on June 22, 2021

Since the 2008 SEC RAND Report, “investor confusion” has been the central story. The Institute argues that bad language, instead, is to blame.

Fiduciary Leaders Call on SEC to Repair Defects of Rulemakings and Interpretation to Restore Investor Trust

By Knut Rostad on January 27, 2021

Major repairs to Reg BI, Form CRS and Adviser Act guidance are proposed to affirm broker and adviser differences and to level with investors

Institute Paper: SEC, CFP Board Standards Abandon Advisers Act Principle that Treats Sales and Advice Differently

By Knut Rostad on April 15, 2020

investment advisers act of 1940

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.

The EU leapfrogs the US on investor protection

By Knut Rostad on April 22, 2019

By Knut A. Rostad and Darren M. Fogarty
MiFID II’s standard raises the transparency bar well above the U.S. SEC’s proposed Regulation BI and Form CRS.

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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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