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Articles tagged "fiduciary standard"


John Rogers:  I’m not up for enduring another awkward summer of Occupy Wall Street.

CFA Institute chief minces no words about blaming and shaming bad behavior
Investment industry can blame itself if Occupy Wall Street fires back up this summer, according to John Rogers' remarks

Monday 5.7.12
Philip Chao: The fiduciary standard should not be reserved for the affluent America.

Why it's not OK that NAPFA and FPA agree with FSI about relaxed accountability for holders of IRAs
There is no 'suitability' America and 'fiduciary' America

Monday 4.2.12
Larry Steinberg: The simple fact is that there is no way to even break even on a $200 per month (contribution) RIA account.

Two advisors debate the financial viability of serving as a fiduciary to small accounts amid DOL's new rules
Larry Steinberg expresses big doubts but Jeff McClure sees advisors wedging in like Ace Hardware amid Home Depot and Lowe's

Friday 3.30.12
Brooke Southall: The RIA's ultimate value proposition is your belief that it is your destiny as one to help clients realize theirs.

What is the value proposition of a financial advisor -- and how is a budding RIA culture upping the ante?
It goes to people's relationship with money

Friday 10.28.11
Alex Potts: One thing is certain. This battle will continue at least through the end of this year.

Where the rewrite of financial regs stands relating to RIAs
The stakes are high and the outcome is still uncertain; here's what we know

Friday 9.30.11
Ron Rhoades channels his inner Chekhov to envision a scenario arising from a uniform fiduciary standard as per SIFMA's wishes.

A conversation between a wirehouse advisor and a senior citizen who seeks trust
Aunt Bea extracts the true meaning of the word 'fiduciary'

Tuesday 7.26.11
Ron Rhoades: “Sh***y products” – such as the many poor asset-backed securities manufactured in the 2002 to 2008 time frame – would likely not have been manufactured in such great numbers had financial intermediaries been fiduciaries.

One-Man Think Tank: Four red flags in the SEC's fiduciary report
The standard may help right an economy overweighted by finance, but there's a strong chance Wall Street will block it

Tuesday 3.1.11
Bill Crager of Envestnet: "There was a lot of momentum toward the fiduciary standard. Now the implications find their way throughout the industry."

(Updated) Groundbreaking SEC study would smash old regulatory system, creating fiduciary brokers and more regulated advisors
Controversy and conflict emerge as SIFMA, Schwab and others begin to react

Monday 1.24.11
Ron Rhoades: The SEC will require the support of many professional groups and consumer groups, as well as that of the media and general public, to overcome the ferocious attacks which are certain to follow.

One-Man Think Tank: SEC courage likely to be tested in coming months
Study on fiduciary standard may be the most significant advance for investor protection in a half-century, but real progress will be made rule by rule

Monday 1.24.11
Mary Schapiro:A fiduciary owes its customers and clients more than mere honesty and good faith alone.

How 10 top groups define 'fiduciary'
Obama administration, SEC, FINRA, FPA, fi360, U.S. Supreme Court and SIFMA raise fiduciary bar to different heights

Friday 1.21.11
Ron Rhoades: I have seen in my 25 years of practice ... a large number of individual Americans withdraw from the stock and bond markets after discovering the inadequacy of the conflict-ridden investment advice they received.

One-Man Think Tank: What would Adam Smith say about the fiduciary standard?
As the SEC ruminates, the invisible hand lurks and Rhoades finds support for a strong standard in unlikely places

Monday 11.22.10
The Committee for the Fiduciary Standard recalls Goldman Sach's Lloyd Blankfein's stammering testimony with a new video cut to make a specific point.

Goldman Sachs settles to make its scandal die, and Congress passes financial services reform. What does it mean for RIAs? Not much, yet.
In an attempt to sway new regulations on the fiduciary standard, an advocacy group releases a video of Goldman Sachs execs' worst moments before a Senate committee

Friday 7.16.10
A strong advocate for the fiduciary standard, Frank pulled out a win in the conference committee this afternoon.

Improbable win for fiduciary standard: Congress set to hand SEC power to impose fiduciary duty on broker-dealers
Conference committee agrees on a measure that calls for six-month study and then gives SEC authority to write single set of rules for advisors and brokers

Friday 6.25.10
Ron Rhoades: Fiduciary organizations benefit from the media's growing attention to the fiduciary issue.

One-Man Think Tank: Being a fiduciary is suddenly in style, even as lawmakers dance around the issue
The conference committee puts off action for another day, but Ron Rhoades points out that the private sector is finding its own solutions

Thursday 6.24.10
If only the conference commitee room were this peaceful.

Regulatory Wire: former SEC chairs slam financial services reform
Plus, DOL's new webinar on 401(k) compliance; the SEC speaks on target date funds; and questions about Stoneridge

Friday 6.18.10
Committee Chairman Barney Frank (D-Mass) sees SEC rule-making authority, but after a certain “preparatory” time.

As House and Senate talk compromise, Barney Frank hints at a win for fiduciary advocates
In Washington end game, the fiduciary standard hangs in the balance between Barney Frank and Tim Johnson

Thursday 6.17.10
In a lobbying letter, Maria Elena Lagomasino wrote, "All families should be able to access the same high fiduciary standard of investment and financial advice that wealthy families can access. Why should smaller investors be left behind?"

Regulatory Wire: Do Fiduciary advocates now have the Obama faction on their side? Treasury speech offers hope.
Insurers step from behind the curtain with lobbying letters; big names in family office world sign on to the fiduciary fight

Friday 6.11.10
Looking ahead to next week: a powerful new committee will have its first meeting

Regulatory Wire: Is it game-over for the fiduciary standard this year? Advocates say, maybe not
Johnson amendment, calling for study of harmonizing regulations, passes as part of 1,596-page bill

Friday 5.21.10
Susan Collins put Goldman Sachs execs through tough questioning, then introduced an amendment on the fiduciary standard.

Hopes dashed: Collins amendment extends fiduciary standard to BDs, but excludes variable annuity sellers
Amendment under fire from state securities regulators, Consumer Federation

Friday 5.14.10
Arlen Specter: I have long believed that it is insufficient to have fines for fraud. For corporate fraud, you have a fine and it is calculated as part of doing business.

Regulatory Wire: Advisor groups long have pushed for the fiduciary standard; because of the Goldman Sachs case, they may get what they asked for, and more
Senators call for ERISA-level standards of care for retail investors; also, Schapiro puts new ADV part 2 back on the radar

Friday 5.7.10
Ron Rhoades: Settlement of the case between Goldman Sachs and the SEC is highly likely within the next several months.

One-Man Think Tank: Inside the legal issues of the Goldman Sachs hearings
Sorting out the culpability of the Wall Street powerhouse requires a close look at the suitability standard

Wednesday 5.5.10
Goldman Sachs CEO Lloyd Blankfein denied that his firm had an obligation to sell securities they thought would be good investments, or to disclose the company’s short position on such securities.

Regulatory Wire: Goldman Sachs opens door for the fiduciary standard; Senators pile on to the cause
Jail time for those who violate the standard? There's a new tone in Washington, D.C.

Friday 4.30.10
Ron Rhoades: When will Congress stand up to Wall Street?

One-Man Think Tank: When Wall Street has investors' 'best interests' at heart, watch out
As Senate is poised to take up reform, Ron Rhoades contends the movement to create a "new" fiduciary standard is a campaign of disinformation

Tuesday 4.27.10
House and Senate financial reform bills would shift 4,000 RIAs to state oversight, but the SEC still has questions about states' resources.

Regulatory Wire: Two Senators may take on fiduciary fight, but how hard will the Obama administration push for the standard?
Plus, Doubts about state regulators' resources; a possible reprieve for California RIAs; and Schumer's under pressure on SEC funding

Friday 4.16.10
Ron Rhoades: The more you make brokers and advisers look the same, the more likely it is that FINRA will end up regulating them all.

What financial advisors can expect from Washington this spring: 8 predictions
Financial reform will move forward, but regulation will move backward

Monday 4.5.10
Ron Rhoades: The large broker-dealer firms should be partying tonight

FINRA and SIFMA win big for Wall Street with release of Senator Dodd's bill yesterday
The proposal is a 'devastating grant of authority to the SEC to write the rules'

Tuesday 3.16.10
Sen. Herb Kohl favors disclosure by planners of conflicts of interest and compensation.

Proposal would sweep RIAs, planners, brokers into one huge regulatory pool (Updated)
New board promoting the fiduciary standard would oversee 75,000

Wednesday 3.10.10
Elisse Walter: We’ve been making it too hard on ourselves.

SEC's Walter looks for an easier way out on fiduciary question
Johnson amendment gains primacy as jockeying continues on the Hill

Thursday 2.25.10
Ron Rhoades: If investment advice becomes a profession, demand will soar.

Part One: Investment Advisers: Is our path toward, or away, from a true profession?
An argument for taking the high road

Monday 2.15.10
Washington's attention to financial advice is a major step in its evolution

Part Two: The last advice model standing
Five links on the evolutionary chain toward a profession

Monday 2.15.10
Knut Rostad: We see that brokers are ahead of the industry’s lobbies

Stockbrokers are ready to shed their sales culture, says SEI Investments study
The fiduciary standard has literally taken root over the course of six months, advocate says

Tuesday 12.8.09
Kristina Fausti is watching for whether fiduciary standard will apply only to personalized investment advice provided to retail investors

SEC one step closer to losing oversight of most RIAs
But will budget-crunched states do a better job?

Wednesday 10.28.09
Knut Rostad: Both sides have a briefcase full of examples of times where they have been unfairly maligned and misunderstood

The Fiduciary Debate: Getting past the vested interests
Industry experts draw battle lines in defining fiduciary

Friday 9.25.09



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