In her opinion piece from last week, Deena Katz looks at the five core principles of The Committee for the Fiduciary Standard and asks, "who could argue against them?"
The financial advice industry is still young compared to the classic professions of medicine, law, clergy, etc. Growing pains are a part of the confusion as to who is a fiduciary and what that means in this context. But they are not an excuse to point fingers or to look for loopholes. Through a look back at her experience growing up the industry, Ms. Katz urges advisors to look past their differences and pull together in support of a stronger profession based on principles.
Now on to the rest of the best links from the last week.
In the news/commentary:
- Financial Planning Coalition has scaled back their goals for regulatory reform [InvestmentNews]
- But the Coalition promises to continue the fight [WSJ Financial Adviser Blog]
- More state oversight of RIAs would mean more Ponzi schemes [InvestmentNews]
- SEC to use external auditors for fraud detection [InvestmentNews]
- New benchmark built for retirement income management [InvestmentNews]
- New bill would require DC plan statements to include monthly payments, may boost annuity sales [Registered Rep]
- Don Trone looks at the basics of the fiduciary process [Financial Planning]
- Seven reasons for wirehouses to change their model [RIABiz]
- Proposed bill would requre proxy vote disclosure [Bank Investment Consultant]
- Advisors should pull together in support of a stronger profession based on principles [Financial Planning]
- Brokers fear the unknown of new regulation [InvestmentNews]
From the organizations/associations/government/academia:
- A new study shows automatic enrollment has also led to higher match rates from sponsors [Employee Benefit Research Institute]
- New members appointed to DOL's ERISA Advisory Council [DOL]
- Labor Secretary Solis to testify before Education and Labor Committee [House Committee on Education and Labor]
- SEC approved new money market regulations [SEC]
From the blogs:
- Uncertainty in the Senate not expected to change fiduciary standard in regulatory reform [WSJ Financial Adviser Blog]
- Are property appraisers fiduciaries? No, but an interesting thought. [The Personal Property Appraisers Post]
- An ERISA attorney's look at the Supreme Court decision not to hear the Hecker v. Deere case [Boston ERISA and Insurance Litigation Blog]
- Being proactive with transparency doesn't always work in your favor [Pension Risk Matters]
- A look at the studies that found advice improves participant outcomes with some personal experience mixed in. [401(k) Fiduciary Advice Blog]
- Another look at the studies indicating that advice helps participants [NYT Bucks Blog]
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.
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