Researchers at the University and Chicago and Minnesota last week published an extraordinary study on broker misconduct.
The Trump-Sanders campaigns are loud, boisterous and relevant to the quiet and somber world of finance and financial advisors. Relevance perhaps best expressed in the first question Noonan says voters must answer “Yes” before electing Trump president, “Is he at all a good man?”
Advisors can make a difference in this battle in this new world. They can speak out for fiduciary advice and, as important, against visible faux fiduciary actions and practices.
Last week’s victory in Congress for the Department of Labor’s Conflict of Interest (COI) Rule is the best news for fiduciary advice since the March 30, 2007 FPA victory over the SEC in the so-called Merrill Lynch Rule.
That brokers and BD firms appear to hold such divergent views of core fiduciary requirements may be explained in numerous ways.
Today marks the beginning of Fiduciary September 2015, the month declared four years ago by the Institute for the Fiduciary Standard as a time to commemorate why fiduciary duties in financial advice matter so much to the markets and investors.