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.

Fiduciary September 2021

Fiduciary September: Scholars and Experts Discuss Fiduciary Opportunities, the ‘New SEC’ and 2021-2025

Sept 30 finale: Jason Furman, Obama’s Council of Economic Advisors Chair leads; Former Commissioner Luis Aguilar honored with Frankel Fiduciary Prize

Programs include: The New SEC, disclosure standards, CRS forms, investor understanding of fees, fiduciary and ESG and opposing interests of industry/professionalism. The full news release can be downloaded in .PDF form here

Media Coverage

Programs

  • September 1, 2021: Fiduciary September and Trust in 2021. Knut A Rostad, Advisor Perspectives

Article 1: Trust in Advisors is Stuck at 2009 Levels

Article 2: Investor Trust in 2021 – No Longer Hitched to Wall Street?

September 9, 2021: 1:00 – 2:00 PM ET. “The New SEC, 2021” Speakers: Ron A Rhoades, Christine Lazaro, Knut A Rostad

Link to Christine Lazaro’s comments
Link to Ron Rhoades’ comments
Link to Knut Rostad’s comments

September 20, 2021: 11:00 – 12:00 PM ET. “Investor Understanding of Fees” SSGA research underscores that retail investors admit they do not know what they pay for their services. Speakers: Brie Williams, Aron Szapiro, Knut A Rostad

Link to Brie Williams’ Slides
Link to Aron Szapiro’s Slides
Link to Knut Rostad’s Slides

September 22, 2021: 3:00 – 4:00 PM ET. “Testing CRS, A Review of 29 Broker-dealer Forms” Fresh research from the Institute examines the broker-dealer and investment adviser CRS disclosures. Deborah Bosley, Knut A Rostad

Link to Knut Rostad’s slides
Link to The Institute and Deborah Bosley’s surveys and reviews of CRS forms (the discussion topic of the webinar)

September 23, 2021: 3:00 – 4:00 PM ET. “Reconciling Fiduciary Duty and Social Conscience” A discussion of Robert Sitkoff’s 2020 paper as the SEC considers mandatory ESG disclosure. Speakers: Robert Sitkoff, Ron A Rhoades, Matt Orsagh, Skip Schweiss (moderator)

Link to Ron Rhoades’ slides

September 27, 2021: 11:00 – 12:00 PM ET. “Our profession’s interests are not aligned with industry concerns” Dick Wagner’s argument in Chapter 6 of Financial Planning 3.0 continues to vex the evolving financial planning profession. Speakers: Dave Yeske, Cheryl Holland and Evan Simonoff (moderator)

Link to Dick Wagner’s Chapter 6 of his book, Financial Planning 3.0
Link to Knut Rostad’s February 2021 blog: “Is Financial Planning a Profession? Does it Matter?”
Dick’s legacy continues in The What is Finology? Project, which can be found at www.WhatIsFinology.org.

September 30, 2021: 4:00 – 5:30 PM ET. Agenda:

4:00 – 4:50 Opening. “The state of fiduciary advice 12 years after the Obama Administration call for brokers-dealers to be held to a fiduciary standard” Remarks by Jason Furman and Knut Rostad and panel discission with Phyllis Borzi, Harold Evensky, and Corey Then

4:50 – 5:30 Closing. “Award of Frankel Fiduciary Prize to Luis A. Aguilar” Remarks by Allison Herren Lee, Kara Stein, John Coffee, Tamar Frankel, and Luis Aguilar.

Fiduciary September 2021 Speakers

Luis A. Aguilar, SEC Commissioner, Securities & Exchange Commission, 2008-2015
Phyllis Borzi, Assistant Secretary, EBSA, Department of Labor, 2009-2017  
Deborah Bosley, The Plain Language Group 
John C. Coffee, Professor of Law, Columbia Law School
Harold Evensky, Founder, Evensky & Katz / Foldes
Chris Fidler, Senior Director of Product Management, CFA Institute
Tamar Frankel, Professor of Law, Emerita, Boston University School of Law
Jason Furman, Professor, Harvard Kennedy School
Cheryl Holland, Owner, Abacus Financial Planning
Christine Lazaro, Professor, St. John’s University School of Law
Allison Herren Lee, SEC Commissioner, Securities & Exchange Commission, 2019-Present
Ron A. Rhoades, Associate Professor of Finance, Western Kentucky University
Skip Schweiss, Ambassador for Fiduciary Advice and Financial Planning
Evan Simonoff, Editor-in-Chief, Financial Advisor Magazine
Robert Sitkoff, Austin Wakeman Scott, John L. Gray Professor of Law, Harvard Law School
Kara Stein, SEC Commissioner, 2013-2019
Aron Szapiro, Head of Retirement Studies and Public Policy, Morningstar
Corey Then, General Counsel, Moneta Group
Brie P. Williams, Vice President, SPDR Exchange Traded Funds
Dave Yeske, Managing Director, Yeske Buie

About the Institute for the Fiduciary Standard

The Institute for the Fiduciary Standard is a non-profit formed in 2011 to provide research, education and advocacy on the vital role of the fiduciary standard for investors and the capital markets. For more information, visit www.thefiduciaryinstitute.org.

(The full news release can be downloaded in .PDF form here)

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