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Saturday, November 7, 2009
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Fiduciary Corner
The Committee for the Fiduciary Standard is an organization that every investor and financial professional should know about.
In the lexicon of regulatory reform, “harmonization” is a key word.
By definition, prudence involves the exercise of skill and good judgment in the use of resources. It is a core fiduciary duty.
An investment fiduciary's duty of loyalty demands that the investor's best interests guide the decision-making process.
In my last Fiduciary Corner column, I wrote about the significant benefits that would result if, as a result of regulatory reform, all who provide financial advice — including broker-dealer representatives — are held to the fiduciary standard of care established under current laws.
Some time ago, a reporter asked me a simple yet profound question: “If everyone providing investment advice were held to a fiduciary standard of care, how would things be different than they are today?”
Woodrow Wilson may have been right when he said, "Loyalty means nothing unless it has at its heart the absolute principle of self-sacrifice."
A consensus is forming that financial regulatory reform should include provisions to require anyone providing advice to adhere to a fiduciary standard of care.
I want to offer four reasons why the Department of Labor should rescind a class exemption that would allow conflicted advisers to offer advice to retirement plans under certain circumstances....
Bernard Madoff was able to pull off what is allegedly the largest investor fraud in history because people trusted him.
The end of each year is a time of reflection and anticipation.
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