With the momentum building for the enactment of a fiduciary standard of care for investment advice, we saw some prominent figures chime in against the merits of such action. Both Charles Schwab [in a Wall Street Journal editorial] and Allan Hancock [via Wealth Channel] questioned last week the idea that a fiduciary standard will be good for the consumer. The New York Times subsequently took Schwab to task for his comments. Stay tune to the fi360 Blog on Wednesday, when we give our thoughts on the push back movement.
In the news/commentary:
- Apparently, an unintended consequence of a change in tax law may be the end of the "independent" broker [InvestmentNews]
- A look at the fiduciary debate from the b/d viewpoint [Registered Rep]
- Does the dollar offer an opportunity for portfolio construction? [Wealth Manager Web]
- Bob Veres finally sees hope for the adoption of a fiduciary standard [Financial Planning]
- Australian regulators seek to enact fiduciary standard of care [Brisbane Times]
- Dilbert takes on financial advice and mutual funds [Dilbert.com]
- Where do target date funds fit in regulatory reform and what are the fiduciary concerns with TDFs? [Financial Planning]
- A case for transparency [Financial Advisor]
From the organizations/associations/government/academia:
- The FPA urged the SEC to restrict FINRA enforcement authority [FPA] Meanwhile, FINRA isn't backing down [InvestmentNews]
- A Calvert report says advisors have a fiduciary duty to consider ESG concerns [Calvert]
From the blogs:
- A look at the media coverage of the upcoming Jones v. Harris Associates, L.P. Supreme Court case on mutual fund fees [Compliance Building]
- Financial clutter may be hazardous to your health [Chicago Financial Planner]
Tweet of the week:
- "A solid investment strategy should be aligned with your overall financial goals, and not focused on beating the market." from @rwohlner
Remember, registration is now open for the free fi360 webinar, "The converging worlds of brokers and advisors as fiduciaries under regulatory reform". For more of the best links during the week, make sure you follow us on Twitter.
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