Research, educational and advocacy initiatives to promote the fiduciary standard for investment advisers

2018

• April 24, 2018 – Small Investors: Dump Brokers’ “Incidental” Advice, Get Real Advice
  Four adviser groups today announced an initiative to help small investors in the Washington DC area find an investment adviser who gives real advice as a fiduciary at all times.
• March 13, 2018 – Financial Planners Offering Free Advice to Recipients of Victims’ Fund Distributions to Help Them Avoid Mistakes
  Financial advisors from across the nation are offering a unique, free service called The Las Vegas Survivors Project to the approximate 532 claimants to the Las Vegas Victims’ Fund (LVVF).
• March 8, 2018 – Webinar on CFP Board Proposed Standards (Registration Required)
  A text of Knut Rostad opening remarks and slides are here.
  CFPs self-reported compensation methods from different markets data and a brief discussion can be found here.
• February 6, 2018 – Fiduciary, fee-only advisors from around the country today volunteered free financial advice to Las Vegas Tragedy survivors and victims’ families. 
• January 16, 2018 –  Borzi appointed to Institute Board of Advisors
  Phyllis C. Borzi, Former Assistant Secretary at the Department of Labor of the Employee Benefits Security Administration (2009-2017) is appointed to the Institute for the Fiduciary Standard’s Board of Advisors.

2017

• October 31, 2017 – Interview with Mark Tibergien: “Money is the new sex, the thing people don’t talk about.”Tibergien expresses views that RIAs usually discuss privately in this interview with Knut Rostad. Subjects include the fragmentation of the RIA voice, consumer distrust in financial services, and the quality of current RIA standards.
• September 28, 2017 – Transparency in Financial and Investment AdviceTransparency is essential but insufficient in fiduciary advice, which requires duties of loyalty and due care.
• September 27, 2017  –  Barbara Roper, Investors’ “Most Fearsome Advocate,” The 2017 Frankel Fiduciary Prize RecipientBarbara Roper, Director of Investor Protection at the Consumer Federation of America, is awarded the Frankel Fiduciary Prize. A brief synopsis of her work on investor protection is included.
• September 21, 2017  –  Proposed Code of Ethics and Standards of Conduct to CFP Board of StandardsThe CFP Board’s proposed standards move financial planners towards professionalism on a number of fronts. Two stand out.
• September 19, 2017 – How fiduciary advisors need to talk so investors (really) listen: Jane Bryant Quinn and Terry Savage, nationally acclaimed personal finance writers, speak out.Audio of the recorded, publicly available phone conversation between Mary Malgoire, Jane Bryant Quinn, and Terry Savage discussing Dos and Don’ts for advisors when speaking to investors.
• September 7, 2017 – A Debate On The DOL Fiduciary Rule: Affirmative Statement and RebuttalKnut Rostad debates Tom Hegna, a financial expert, author, and speaker, on the merits of the DOL rule, and on the practicality and reasonableness of its requirements.
• September 6, 2017 – Luis Aguilar Advisor TitlesFormer SEC Commissioner, Luis A. Aguilar, discusses the importance of the SEC using title-based rulemaking to uphold a uniform fiduciary standard in investment advice.
• September 6, 2017 – Broker/Advisor “Titles”: Potential Rulemaking at the SEC: discussion slides (pdf) and webcast replay (registration required)Knut Rostad presents on why rulemaking on titles within the financial services industry is needed to comply with FINRA Rule 2210 and to fulfill the mission of the Advisers Act of 1940.
• August 15, 2017  – CFP ConflictsCFP Board’s revisions to their standards are a good step, but more needs to be done. Conflicts of interest should be recognized as inherently harmful, and there must be enforcement of standards.
• August 8, 2017  –  Fiduciary September 2017: Era of Fiduciary Promise Brings Uncertainty With ImplementationThe Institute announces Fiduciary September 2017 and outlines its events.
• June 27, 2017 — Barbara Roper wins 2017 Frankel Fiduciary PrizeBarbara Roper is announced the 2017 Frankel Fiduciary Prize honoree. Mercer Bullard, Andrea Seidt, and Kevin Keller’s comment on Roper’s accomplishments.
• July 24, 2017 – DOL COI Rule ‘Ain’t no place for Sissies’Knut Rostad speaks on why the DOL COI rule is rigorous, and more importantly, reasonable. He outlines why it is consistent with law, logic, common sense, and what retirement beneficiaries want.
• July 20, 2017 – Webinar on Best Practices Affirmation ProgramThe Garrett Planning Network holds a webinar on the Institute’s Best Practices Affirmation Program. Sheryl Garrett says the program providers much-needed clarity to help investors know what to expect from a fiduciary advisor.
• June 14, 2017 – CFPB Standards: “The Ethical Foundation for CFP Certifications”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.

• May 16, 2017 – Sheryl Garrett Endorses Institute for the Fiduciary Standard Best Practices Affirmation Program
• April 24, 2017 –  Can We Talk?  Investor Choices in Advisers and Brokers and InvestmentsKnut Rostad investigates investor perspectives on the financial services industry and the advice they receive. Then, he differentiates between RIAs and brokers, and outlines why investors must heed truly prudent investment advice.
• April 19, 2017 –  Can Self-Regulation in Securities Distribution or Advice Reduce Costly Regulatory Violations?Knut Rostad explains Wall Street regulation in legal terms to a group of law students as a way of narrating how it has waxed and waned over the 20^th and 21^st century. Then, using research, he explores the question of whether self-regulation can reduce industry costs.
• April 18, 2017 — 2017 Frankel Fiduciary Prize Selection Committee Seeks NominationsThe Institute publicly seeks nominations for the 2017 Frankel Fiduciary Prize.
• March 23, 2017 – Fiduciary Institute: First Class of ‘Best Practices’ Advisors Speak out: ‘Fiduciary Advice Leads to Deeper Client Relationships’The Institute announces the first class of 26 advisory firms that voluntarily agree to subscribe to the Institute’s Best Practices: Professional Conduct Standards.
• March 22, 2017 – Why the Fiduciary Standard Matters to ClientsBest Practice Advisors speak out concretely on why they formed their RIA, the differences between brokers and advisors, and what avoiding (sharply contrasted with merely accepting and disclosing) conflicts means for their clients.
• February 16, 2017 – Institute Appoints New Members to Board of AdvisorsThe Institute announces four new appointments to the its Board of Advisors.
• January 30, 2017 – Best Practices Affirmation Program WebinarThe Institute hosts a webinar with Knut Rostad, Dan Moisand, and Brian Hamburger to discuss the importance of the Best Practices Affirmation Program, as well as regulatory concerns surrounding the program.

2016

• September 29, 2016  – Myths and Realities of Investor Distrust: Causes and Cures (Webinar)A webinar featuring industry leaders discussing research and analysis on investor sentiments on finance, advisors, and robo advisors, as well as concrete practices on what advisors can do to address investor skepticism and distrust.

• September 23, 2016 – Frankel Fiduciary Prize 2016 Program
• September 19, 2016 – Institute Announces Best Practices Affirmation ProgramThe Institute announces its program to offer opportunity for advisors to affirm commitment to clients’ best interest.
• September 12, 2016 – What Investors Can Learn About an Advisor’s Conflicts in Form ADV: ‘But Were Not Sure How to Ask’An in-depth survey of 135 RIAs and nine large financial services firms examines each business models’ conflicts, disclosures, and representative makeup, which in turn reveal trends on their ability to provide objective advice.
• September 8, 2016 – Fiduciary September 2016 ‘Raising the bar’ and ‘Delivering the promise’The Institute launches Fiduciary September 2016 in a backdrop where “[t]he DOL and market forces have set the stage for a fiduciary renaissance.” Scheduled events are outlined.

• July 19, 2016 – PagnatoKarp Joins Institute’s Chairman’s Council
• June 23, 2016 – Winner of 2016 Frankel Prize AnnouncedThe Institute announces Phyllis C. Borzi, Assistant Secretary at the Department of Labor of the Employee Benefits Security Administration, as the 2016 Frankel Fiduciary Prize honoree.
• May 24, 2016 – Institute Launches the Campaign for InvestorsThe Institute launches its Campaign for Investors, a groundbreaking initiative to help investors find financial advisors who best meet their needs and serve their interest first.
• May 23, 2016 – What is Good Advice?This Institute working paper examines the question central to the 2016 fiduciary debate: “What is Good Advice?” Regulatory, technological, and market forces remind us of why the foundation for such “good advice” must be disinterested advice.
• May 11, 2016 – Campaign for Investors Launches May 24thLuis A. Aguilar, Phyllis C. Borzi, and John C. Bogle will help launch the Campaign for Investors on May 24^th, 2016.
• May 3, 2016 – Putting Investors First PresentationIn this presentation, Knut Rostad calls on CFA Orlando members to think big about ‘Putting Investors First’ month and to make Orlando “Investors’ Best City in America” for investment and financial advice.
• May 3, 2016 – Rostad Calls on CFA Orlando to Lead the Nation in “Putting Investors First”In this press release, Knut Rostad calls on CFA Orlando members to think big about ‘Putting Investors First’ month and to make Orlando “Investors’ Best City in America” for investment and financial advice.
• April 19, 2016 – Best Practices for Financial Advisors Media BriefingThe Institute reports on Best Practices for Financial Advisors developments and the Self Assessment for Advisors

• March 22, 2016 – Frankel Fiduciary Prize Selection Committee Seeks Nominations
• January 28, 2016 – Why 2016 Will be Vital for Fiduciary Advice InvestorsAn Institute white paper examines the 2016 fiduciary battle to define fiduciary duties and the meaning of “Best Interest.”
• January 28, 2016 – Fiduciary Duties Advanced in 2015; 2016 Will Reveal How Much These Gains Are Secured – Or NotWinning the fiduciary “Debate” in 2015 was vital… and insufficient. The future of advice depends on how Fiduciary Duties and “Best Interest” are defined by regulators and advisors. History, law, research and common sense suggest that a stringent definition is necessary.

2015

• September 30, 2015 – Fiduciary Best Practices Briefing (Invitation)The Institute releases a finalized version of Best Practices, while industry leaders provide a timely, insider’s perspective on how Best Practices fit into the ongoing fiduciary debate.
• September 30, 2015 – Remarks of Knut A. Rostad Release of the Best Practices for Financial Advisors (Transcript)In association with NAPFA, the Institute releases its Best Practices for Financial Advisors. Rostad explains why the industry and investors need Best Practices and calls on Merrill Lynch to lead the brokerage industry by embracing them.
• September 23, 2015 – Survey of Brokers and Advisers Reveals Support for DOL COI BICE Requirements, Even if they’re “Burdensome” (News Release)A WealthManagement.com and Institute survey demonstrates that brokers support key aspect of the Department of Labor’s COI BICE requirements, despite saying they are difficult and burdensome to implement.
• September 8, 2015 – Fiduciary September 2015: Conference Call September 10th on Best Practices (News Release)Institute board members consider final edits to the Best Practices and discuss several key issues the practices have raised in deliberations with members of the media, advisors, and brokers.
• September 8, 2015 – SEC Commissioners Luis A. Aguilar’s and Daniel M. Gallagher on Fiduciary Duty (Paper)Two SEC Commissioners will soon depart the SEC at a time of unprecedented focus on fiduciary duties. Commissioner Aguilar and Commissioner Gallagher have sharply different visions of those duties, as is evident in their statements.
• September 2, 2015 – Fiduciary September 2015 Underscores Historic Time for Fiduciary Advice. (News Release)Fiduciary September 2015 is launched at “a moment in time as historic as 1940,” the birth of the Investment Advisors act. Scheduled events are outlined in detail.

• August 11, 2015 – TD Ameritrade Institutional to be Exclusive Sponsor of Institute’s Fiduciary September 2015 Program. (Press Release)
• August 4, 2015 – David Swensen, Yale University Chief Investment Officer, Wins Frankel Fiduciary Prize. (Press Release)
• July 22, 2015 – Institute applauds historic DOL rule proposal; Urges DOL to listen to Industry suggestions that do not weaken fiduciary requirements. (Comment Letter)
• July 14, 2015 – Institute to Hold 40 Act Panel Discussion in NY August 11 (News Release)
  The Institute announces an invest to commemorate the 75^th anniversary of the Investment Advisers Act of 1940.
• July 10, 2015 – SEC Investor Advocate Speaks Out Against Weakened Standard in Fiduciary Rulemaking (Report Excerpt)Rick A. Fleming, SEC Investor Advocate, submitted the Office of the Investor Advocate’s annual report, which discusses fiduciary duty and how the SEC may approach the issue.

• July 9, 2015 – Fiduciary Institute Establishes Chairman’s Council to Advise on Roll-out of Best Practices (Press Release)
• May 5, 2015 – Frankel Fiduciary Prize Selection Committee Seeks Nominations for Frankel Prize Honoring Individuals Making ‘Significant Contributions to Fiduciary Principles in Public Life’ (Press Release)

2014

• August 4, 2014 – Gary Gensler, Former Commodity Futures Trading Commission Chairman, Wins Frankel Fiduciary Prize. (Press Release)
• June 24, 2014 -Institute President Knut A. Rostad to speak in New York July 28 on DOL Rule with Industry execs. (Event Flyer)
• May 13, 2014 -Fiduciary Institute to Craft Fiduciary Best Practices That Investors Want (Press Release)
• May 1, 2014 -Frankel Fiduciary Prize Selection Committee seeks nominations for Frankel Prize (Press Release)
• March 27, 2014 -Rostad Speaks to New York County Lawyers Association (Presentation)

2013

• December 5, 2013 – John C. Bogle Legacy Book Launches with December 5 Panel Discussion (press release)
• October 31, 2013 – Frankel Fiduciary Prize and Symposium Honors Robert A. G. Monks December 10 in Washington (press release)
• September 3, 2013 – Institute Celebrates Fiduciary September 2013 (press release)
• July 21, 2013 – Institute for the Fiduciary Standard announces winner of Frankel Fiduciary Prize (press release)
• July 5, 2013 – Institute for the Fiduciary Standard urges SEC to not neuter fiduciary standard (Public Comment Letter)
• May 7, 2013 – Institute establishes Industry Council to broaden participation in initiatives to defend fiduciary principles (press release)
• April 23, 2013 – Institute for the Fiduciary Standard establishes Frankel Fiduciary Prize (press release)
• April 16, 2013 – SEC Chairman Mary Jo White’s first investor protection question: FINO or the authentic fiduciary standard? (press release)
• March 6, 2013 – Institute comments on the SEC’s call for information to assess whether it should apply a uniform fiduciary standard to broker dealers that requires they act in the best interest of investors. (press release)

2012

• 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.
• 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)
• May 2, 2012 – Institute on Wall Street Lobby (SIFMA) Proposal:
  Falls Far Short of Investor’s ‘Best Interest’ Standard  (press release), (PowerPoint presentation).
• April 10, 2012 – Institute for the Fiduciary Standard to SEC: SIFMA proposal harms investors (press release), (letter to SEC).
• February 3, 2012 – Volcker, Levitt and Gensler Lead Discussion at John C. Bogle Legacy Forum (press release)
• January 19, 2012 – Prominent Panelists to Focus on Vanguard Founder John Bogle’s Ideas for Restoring Investor Trust at Jan. 31 Forum (press release)

2011

• December 12, 2011 – John C. Bogle’s Contributions to Investors and the Capital Markets Will Be Honored at Forum of Financial Leaders (press release)
• October 14, 2011 – Institute Briefs DOL Secretary on Support for Strong Fiduciary Rule, October 13 (Meeting With Department of Labor Secretary Solis)
• September 19, 2011 – DOL Urged to Keep Focused on Reducing Costs to Investors in Re-proposal, September 19 (Department of Labor meeting press release)
• September 7, 2011 – Comment Letter to DOL Focuses on challenges of ‘Sellers Exemption’, September 9 (Sellers Exemption Letter to DOL)
• September 12, 2011 – Fiduciary Forum 2011, Crafting Effective Disclosure – Is It Possible?” Draws Leading Academics and Industry Reps, September 12 (press release)
• August 22, 2011 – Institute for the Fiduciary Standard Formed by Industry Leaders to Provide research and Education on Vital Role of the Fiduciary Standard in Investment and Financial Advice, August 22 (Institute’s launch press release)