What’s ahead for 2018? There seems to be little basis to believe that the SEC will require financial advisers to act in the best interests of clients by requiring their advice (apart from any accompanying disclosure) to be unaffected by the adviser’s conflicts.
Mark Tibergien, the Pershing Advisor Solutions CEO, is sure to upset many RIAs, as his comments on RIAs suggest in an Oct. 18 discussion I had with him.
Former SEC Commissioner Luis Aguilar spoke these words in 2010 when Dodd-Frank was under construction in Congress: “While the scope of service may vary between clients, the standards of loyalty and care in providing that service should not. You simply cannot be three-quarters of a fiduciary.”
In his weekend column, Jason Zweig surveys the landscape on fiduciary regulations and firm adherence. He finds it lacking.
What do investors want from advisors’ code of conduct? A survey conducted in 2016 by the CFA Institute offers an insight.
CFP Board’s revisions to its Standards of Professional Conduct are out. The Institute for the Fiduciary Standard applauds the CFP Board for making this proposal. Make no mistake. The proposal is a good first step. Two provisions regarding fiduciary duties stand out.