Fiduciary September 2012

Fiduciary September features initiatives aimed to advance the fiduciary spirit and status. 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.

Fiduciary Declaration Announced

The “Fiduciary Declaration” signed by twelve highly respected leaders in the financial services industry urges Congress, the Securities and Exchange Commission and Department of Labor to heighten and extend protections to investors receiving investment advice. The Institute presented this declaration to SEC Chairman Schapiro in a private meeting on September 11.

>> Full text of the Declaration
>> Knut Rostad’s Report on the September 11 Meeting

News

• October 6, 2012 – Fiduciary September – A four page brochure produced by the Institute.
• September 28, 2012 – The Fiduciary Standard, for Advisors and Brokers? The Cato Institute and the Institute for the Fiduciary Standard co-host a panel on applying the fiduciary standard to brokers.
• September 19, 2012 – Knut Rostad’s Report on the September 11 SEC Meeting
• September 5, 2012 – Institute for the Fiduciary Standard presents an educational webinar covering key financial issues – hosted by Barbara Roper, Ron Rhoades and Knut Rostad (Rostad’s Presentation) (Rhoades’ Presentation)
• August 22, 2012 – John C. Bogle and Paul Volcker Among Financial Industry Leaders Signed on to The Fiduciary Declaration; Urge SEC, DOL and Congress To Apply the Fiduciary Standard To All Advisors, Brokers Fiduciary Declaration (press release) (Signatories’ Bios)

Media Coverage

• Forbes: Sign Your Fiduciary Declaration Now and Tell Mary Schapiro You Want Action
• Bloomberg: Tougher Dodd-Frank Fiduciary Standard for Brokers Stalled
• Forbes: Sign Your Fiduciary Declaration Now and Tell Mary Schapiro You Want Action
• Advisor One: Vanguard’s Bogle to SEC’s Schapiro: Include Institutional Advisors in Fiduciary Rule
• Wall St Journal: Is the Fiduciary Standard a Joke?
• Investment News: Bogle calls on institutional money managers to heed fiduciary duty
• Ignites: Fiduciary Standard Rule in Limbo
• Bloomberg: Tougher Dodd-Frank Fiduciary Standard for Brokers Stalled
• Investment News: Schapiro still married to idea of single fiduciary standard
• Reuters: COMPLY: Fiduciary advocate Rostad plods along, despite gridlock
• New York Observer: Emails on Rule-Making for Uniform Fiduciary Standard Turn Up in Bloomberg FOIA Request
• New York Observer: Broken Brokerages: Finance Luminaries Join Fight Over Uniform Fiduciary Standard
• Wealth Management: Top Industry Players Urge Regulators to Enact Fiduciary Standard Soon
• Advisor One: Fiduciary Rule Could Be Years Away: Industry Experts
• Investment News: Bogle, Volcker look to get fiduciary rule back on track
• New York Observer: Broken Brokerages: Finance Luminaries Join Fight Over Uniform Fiduciary Standard

The Signatories

Thank you to the twelve highly respected leaders in the financial services industry who signed the fiduciary declaration. Click below for their names and brief bios.

>> The signatories to the Fiduciary Declaration

Fiduciary September Gains International Attention

Thank you to the Canadian Foundation for Advancement of Investor Rights for featuring our initiative on their web site.

September 5, 11:00 AM – 12 Noon
Educational webinar for reporters. (Rostad’s Presentation) (Rhoades’ Presentation)

September 11
Unveiling of the Fiduciary Declaration and discussion in meeting with SEC Chairman Schapiro (Fiduciary Declaration – PDF).

September 25
Fiduciary Forum 2012
Venue: CATO Institute.
Speakers include former SEC Chairman Harvey Pitt.