Fiduciary September 2014

Welcome to Fiduciary September. The Institute celebrates Fiduciary September to highlight the indispensable role fiduciary principles serve in preserving trust and confidence in our capital markets. It includes:

• Urging Congress and the SEC to apply the fiduciary standard and the six core fiduciary duties to all professionals rendering investment advice.
• Urging industry participants to embrace fiduciary duties when investment advice is rendered.
• Educating investors about the sharp differences between fiduciary advisors and sales brokers.

News

• September 10, 2014 – Best Practices’ Move Forward With Council of Advisors, NAPFA Strategic Alliance, Brian Hamburger as General Counsel to the Best Practices Board. here
• September 10, 2014 – Key Principles for Fiduciary Best Practices and an Emerging Profession. here
• September 3, 2014 – Fiduciary September Stresses Vital Role of Centuries-Old Law in Investment Advice. here
• August 25, 2014 – The Institute for the Fiduciary Standard announces the events for Fiduciary September 2014. here
• July 31, 2014 – TD Ameritrade Institutional to be “Exclusive Sponsor” of Institute’s Fiduciary September Program here.

Media Coverage

• Wall Street Journal – Oct. 28: Why RBC Quit Its Lucrative Role on Giant Alibaba IPO
• Bankrate – Sept. 24: Investor protection down to politics
• Fiduciary News – Sept. 23: Exclusive Interview: Knut Rostad says Fiduciary Debate “80% Political”; Advocates Out-Lobbied by Wall Street Opponents
• Wall Street Journal – Sept. 22: Wealth Adviser: Appealing to Millennials’ Charitable Side
• Kitces.com – Sept. 19: Weekend Reading for Financial Planners (Sep 20-21)
• Financial Planning – Sept. 19: Advocates Losing Ground in Fiduciary, User Fee Battle
• RiaBiz – Sept. 18: TD Ameritrade pulls off amazing Summit in DC that reveals rot to the core of SEC, FINRA and ERISA system
• Financial Planning – Sept. 17: Fiduciary Advocates Take Aim at Brokerage Practices
• Financial Planning – Sept. 17: NAPFA Conference to Tackle Rapid Industry Changes
• Think Advisor – Sept. 17: Knut Calls Out the Brokerage Industry on Fiduciary Standard
• WealthManagement – Sept. 15: SIFMA, Super Salesman
• FinancialPlanning – Sept. 12: Fiduciary Advocates Push for Best Practices
• ThinkAdvisor – Sept. 12: Guidelines for Best Fiduciary Practices Set by Institute
• On Wall Street – Sept. 12: Fiduciary Advocates Push for Best Practices
• FinancialPlanning – Sept. 10: Vanguard’s Bogle: We Need Less Trading, Higher Fiduciary Bar
• On Wall Street – Sept. 10: Vanguard’s Bogle: We Need Less Trading, Higher Fiduciary Bar
• On Wall Street – Sept. 9: RBC Head Calls for Tailored Broker Fiduciary Rules
• WealthManagement – Sept. 9: Why the Existing Fiduciary Rule Won’t Work for Brokerages
• InvestmentNews – Sept. 5: Chairman White’s political will may determine fiduciary-duty outcome
• FinancialPlanning – Sept. 5: SEC Urged to Move on Uniform Fiduciary Rule
• Kitces.com – Sept. 5: Weekend Reading for Financial Planners (Sep 6-7)
• ThinkAdvisor – Sept. 5: Roper Urges SEC Chief to Move on Fiduciary With Split Vote
• WealthManagement – Sept. 4: The SEC Needs to Fix the Problem It Created
• Financial Advisor – Sept. 4: DOL ‘On Precipice’ Of Tough Erisa Fiduciary Rule, Says Consumer Advocate
• ThinkAdvisor – Aug. 25: What’s Next for the Fiduciary Standard?
• ThinkAdvisor – Aug. 1: Industry Gears Up for Fiduciary September

Fiduciary September Quotes

You gotta like Knut Rostad’s determination. Like a great Viking warrior, he doesn’t let overwhelming numbers dissuade him from his courageous quest of honor. But, while Odin might not have the patience to suffer the political intrigues of Washington, Knut remains ever diligent, his mental feet forever in motion, looking for that clear opening towards that Valhalla we call the Fiduciary Standard. So, when the elite policy makers appear to have either been bought off by entrenched interests or justifiably shackled by philosophy, Knut, without a second thought, adjusts course towards the more direct approach. He explains the trials, tribulations, and his new angle in this month’s Exclusive Interview with FiduciaryNews.com. Read it here and marvel at his acumen, his determination, and his frank observations.

Christopher Carosa, CTFA
Fiduciary News

Conference Call Recordings

Sept. 4: “The State of Financial Regulatory Reform: Wall Street v The Fiduciary Duty and Core Investor Protections; Where We Are and What’s Ahead”

• David Certner, AARP 
• Dennis Kelleher, Better Markets 
• Barbara Roper, Consumer Federation of America 
• Sheryl Garrett, Garrett Planning Network 
• Mary Malgoire, The Family Firm 
• Tara Siegel Bernhard, New York Times, (Moderator)

Sept. 8: “Restoring Investor Trust in Wall Street, with Broker-Dealers and Investment Advisers”

• John Taft, RBC Wealth Management
• Michael Falk, Focus Consulting Group
• Jack Waymire, Paladin Registry
• David Armstrong, WealthMangement.com, (Moderator)

Sept. 9: “Best Interest Investing” Podcast Launch

• An interview with Vanguard Founder John C. Bogle, by Don McDonald

Sept. 11: “Best Practices: What Are They, Why We Need Them”

• Knut A. Rostad, Institute for the Fiduciary Standard
• Chris Cannon, First Financial, Best Practices Board
• James W. Watkins, Investsense.com
• Blaine Aikin, fi360