Industry Groups Differ On Fiduciary Standard
By Staff Reporters
The House Financial Services Committee recently heard two takes on the fiduciary standard – investment advisors who want it applied to broker dealers – and broker-dealers who want to apply a universal standard of care to all advisors, including investment advisors.
Assessment
And so, we encourage all ME-P subscribers to read industry trade magazines [aka ”trade rags”] to learn how some financial advisors fleece physicians and other investors by not being fiduciaries; with sincere apologies to all honest and hard working fiduciary advisors.
IOW: Follow the money.
www.CertifiedMedicalPlanner.com
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Filed under: "Advisors Only", CMP Program, Ethics, Financial Planning, Investing, Point-Counter Point | Tagged: broker-dealers, certified financial planner, certified medical planner, CFP, CMP, fiduciary financial advisors, financial advisors, investment advisors, registered investment advisors, RIA, www.CertifiedMedicalPlanners.com
Yep, it never ends … especially with the brokers it seems.
http://www.fa-mag.com/fa-news/4580-broker-barred-for-defrauding-90-year-old-of-life-savings.html
Sam
It’s a shame, but I doubt that with the “clout” of the big brokerage firms, that they’ll agree to a fiduciary standard. I made the switch to RIA over 4 years ago, and will never look back.
Thanks for pushing this important message to your readers and physicians!
Russell Dunkin, CFP®
Congratulations Dr. Joe,
http://www.msnbc.msn.com/id/33197187/ns/health-health_care/?gt1=43001
The true definition of a fiduciary.
Wanda
Russ, Sam and Wanda,
Agree with you … and amen!
Clinton
ME-P Readers,
Q: When is a fiduciary … not a fiduciary?
A: When Mary Schapiro says so.
Link: http://www.fa-mag.com/blog/evan-simonoff/4254-secs-schapiro-hints-at-exemption-for-some-fiduciaries.html
Cranson
After reading this post – and blog – I now realize why Jack Bogle of Vanguard said “Too much salesmanship and too little stewardship” – and David Swense said of the financial services sector – “It is a marketing industry.”
Good comments and links, all.
Marty
Hell, the “F” word is a problem in more than just North America
For example, the U.S. Congress is currently trying to cobble together some type of financial regulatory reform and somehow resolve the nettlesome industry debate over the “fiduciary” status, namely, as to whether financial advisors should be allowed to wear two hats: one when providing fee-based investment advice as a fiduciary and then also acting as a Series 7 holder in commission-based transactions.
http://registeredrep.com/regulatory/banks_hold_too_much_debt1124/
So, how do you think the government can run healthcare, when it can’t even decide what it means to “do the right thing” with our money and investments?
Dr. Jayson