Fiduciary Links: Aikin Comments on Unusual Actions of the SEC & Final Survey Call
Posted by fi360 Team on April 01, 2013
>>>>In his most recent column for InvestmentNews, SEC on a Fiduciary Fishing Expedition, fi360 President & CEO Blaine Aikin commented upon the recent, unusual actions of the SEC. The agency issued a "request for data and other information" in advance of proposing a rule. The rule is one that would affect that standard of care given to retail customers by broker-dealers and investment advisers when providing personalized investment advice about securities.
Aikin wrote, "That the SEC finds itself unable or unwilling to formulate a rule on this issue is troubling." In Aikin's column it becomes clear that a lot hangs in the balance of this rule, including the fiduciary standard of care owed to retail clients. Aikin closed by saying, "Industry practices should be adapted to uphold the fiduciary duties of loyalty and care, not the other way around."
>>>The annual fi360-AdvisorOne Fiduciary Standard Survey has been extended until Friday. This is your last chance! Please take a few minutes to complete the survey. It will help us track trends regarding the fiduciary standard and help AdvisorOne generate some coverage of fiduciary issues.
News and columns from the leading trade, consumer, and mainstream media:
- The SEC is on a fiduciary fishing expedition with it's most recent request for data. [InvestmentNews]
- Research findings indicate the clients may not be heeding advisers' retirement advice, but online calculators can help. [InvestmentNews]
- In an effort to understand why there are so few female financial advisers, the CFP Board is putting together a panel of nine women to look at the challenges women face as advisers. [InvestmentNews]
- Eight members of the House Financial Services Committee raised concern about the DOL fiduciary duty rule, worried that it would disparately affect African American retirement savers.
- When looking at state savings accounts, those states with high unemployment and dire fiscal situations fared surprisingly well. The top spot goes to Rhode Island, and Montana fared the worst. [AdvisorOne]
- The estate-planning horizon may have a perfect storm brewing, and taking steps to prevent it can result in healthy, and happy, client and adviser relationships.
From the organizations/associations/government/academia:
- SIFMA announced that Matt Nevins, from Fidelity Investments, has joined as managing director and associate general counsel with SIFMA's Asset Managment Group. [SIFMA]
- SEC issues request for data and other information. [SEC]
From the blogs:
- Trending topics for ERISA plan sponsors. [FiduciaryNews]
- One man's journey after his advisor leaves a huge financial institution to join a $2 billion RIA. [RIABiz]
- Advizent will close its doors after a final flurry of negotiations. [RIABiz]
- Break out of that PR slump, and read six tips to hone your expertise with social media. [RIABiz]
- Fiduciary Advice and 12b-1 Fees [FredReish]
Articles your clients are reading (or should be):
- Learn these three key lessons to investing better than most Americans. [USNews]
- Spring clean your finances, using these five methods. [USNews]
- Worry less about retirement. [USNews]
Have a link we missed? Leave them in the comments section or email us at blog@fi360.com. For more of the best links during the week, make sure you follow us on Twitter.
