The American College, which provides educational exams for the Certified Financial Planner mark and other planner designations, supports an amendment to the Investor Protection Act by Rep. Dan Maffei (D-New York) that would exempt some advice-givers from a fiduciary standard because "we don't believe that a 'one-size-fits-all' fiduciary standard is in the best interest of consumers," says Keith Hickerson, senior strategy consultant at the College. "That approach works fine with a fee-based business model, but it becomes much more challenging when an advisor is serving as a fiduciary for the client but is contractually obligated to primarily represent the company at the same time." An advisor who is an employee of a company has certain obligations to that company, Hickerson says, "such as to market, in some cases, a limited or preferred product set." This concept of a one-size-fits-all fiduciary duty "is even more problematic when it's considered for all intermediaries, not just brokers, dealers, and investment advisors, such as an insurance agent with risk management responsibilities, for example." Hickerson adds that the only way to implement a "fiduciary duty for all" is with a "fee-for-service model, and few consumers choose that approach. It has negative implications for cost and consumer access to the products and services they currently enjoy."
ThinkAdvisor's TechCenter is an educational resource designed to give you a competitive edge by keeping you abreast of new tech innovations and need-to-know information that can be applied to your business.
ThinkAdvisor and the College for Financial Planning have partnered to bring you a series of helpful educational tools that you can use to take your career to the next level.
Millennials are the future of your practice; both as clients and employees. Understand how they think to capture them as clients, attract them as employees...
Hundreds of plan advisors are successfully gaining the attention of CFOs and securing appointments. Learn how with this short video.
Discover how charitable donations of complex assets such as real estate or privately held stock can help them give more to charity, save cash and...
Jun 29, 2017
Join this complimentary webcast to dive into the imperative demand benefits professionals, employers, and HR representatives must meet when it comes to customizing benefits packages,...
Jun 28, 2017
Clients want to discuss health care costs in retirement. We can help break down options and costs so your clients can better prepare.
Jun 20, 2017
Join this complimentary webcast to discover how the top three SMA Mangers of the Year beat their peers by consistently delivering alpha.