Financial Planners Still Lobbying For The Fiduciary Standard
Tuesday, March 29, 2011 22:29
The SEC may be signaling a cooling-down period over whether to impose a unified fiduciary standard on RIAs and brokers, but the financial planning groups are still beating the drum.
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The Financial Planning Commission -- NAPFA, the FPA and the CFP Board -- reached out to Congress to argue for "prompt action" on the standard.
It's an interesting campaign, although it lays things on a tiny bit thick: Bernie Madoff, crimes against the elderly, and the recent decline in investor confidence are all invoked as the types of problem that the financial standard of care will theoretically cure.
For all that, this kind of slowed-down, street-level discussion -- rooted in real people and their concerns -- is probably a better tack to take than all the pondering of business models put together.
Whether June or July -- when plans to unveil and enforce the new standard are currently set to begin -- would be too late for these suddenly deadline-driven groups remains to be seen.
Comments (3)
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1. Financial Planning Coalition, not "Commission"
2. fiduciary standard of care, not financial standard of care
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Next they claim to be 'ensuring financial planning services are delivered with fiduciary accountability and transparency.' Really? What have they done to promote such? Allow brokers to hold out a CFP designation?
Come on, this is really a membership group lobbying for more fees. They are almost as comical is fi360 who allow brokers, who by their very fight against a fiduciary standard, to hold themselves out as AIF.
ERISA has clearly defined being a fiduciary is not about title by instead procedural prudence.
If anyone at the coalition, which I have contacted ad nasium for such evidence cares to respond, my email is This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
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