The quarterly webinar from fi360, The Converging Worlds of Brokers and Advisors as Fiduciaries under Regulatory Reform highlighted several action items for advisors as the “harmonization” process continues. Let’s take a look at the steps in our weekly links post.
• Examine your service provider relationships. – Since the turmoil of last year’s downturn has abated, DC plan fiduciaries are turning back to their review process and examining their recordkeepers. The process includes the examination and disclosure of plan fees.
• Sharpen investment skills and fiduciary knowledge (meet the prudent expert standard). – Does the adherence to the prudent practices make a difference? The fi360 Blog examines the evidence.
• Tighten fiduciary aspects of your business. – Financial advisor Roger Wohlner describes his periodic monitoring process.
• Consider offering (more) consulting services. –The Fixing the 401(k) blog examines how advisors can help plan sponsors Keep the Fox out of the Hen House.
• Join the Committee for the Fiduciary Standard and sign petition: www.fi360.com/advocacy
• If your calling is sales or trading, consider being a broker rather than an advisor; wearing two hats is a problem. – Don Trone highlights the fact that “comprehensive, continuous investment advice,” and not your title as a B/D or advisor, determines your fiduciary status as he covers a few Fiduciary Facts.
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