Mark Tibergien, CEO, Pershing Advisor Solutions, has been a thought leader in the business of advice for 30 years. Investment Advisor readers voted Tibergien the most influential leader in the advisory space earlier this year. Speaking with Knut Rostad, Tibergien expresses views that RIAs usually discuss privately. Examples? RIA standards are too low. The RIA voice is fragmented and brand is unclear. Tibergien also notes consumer distrust harms RIA recruitment and growth. To cap off, “Money is the new sex, the thing people don’t talk about.” A Freudian slip? Read on.

Advisor DNA found in the Advisers Act of 1940 and championed for generations is objective advice. Yet, some reject this bedrock principle.

CFPB is reviewing its “Ethical foundation for CFP certification.” This review is timely. The advice market is undergoing a basic transformation. New technologies, the DOL Rule, more demanding investors and lowering costs are change agents. Higher ethical standards are in demand. CFPB should answer the call and lead.

RIAs DNA of objective investment advice is embedded in the Advisers Act of 1940. What’s often over-looked, however, are differences among RIAs on measures in the Adviser’s Form ADV that serve as ‘fiduciary indicators’. The research identifies some of these indicators and explores some of these differences.