April 3, 2013

Fiduciary Survey Closes Friday

Last chance for advisors to make their voices heard on fiduciary debate at the SEC and the DOL

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from The Advisor's Professional Library
  • Suitability and Fiduciary Duty Recommending suitable investments is more than just a regulatory obligation.  Many investors bring cases claiming lack of suitability, so RIAs must continuously put the onus on clients to notify the advisor of changes in their financial situation.  
  • The Need for Thorough and Effective Policies and Procedures Whethere an advisor is SEC or state-registered, RIAs must revise their policies and procedures to address significant compliance problems occurring during the year, changes in business arrangements, and regulatory developments.

As the fiduciary debate shows unmistakable signs of coming to the fore of the agendas of the SEC and the Deparment of Labor, we are asking advisors to once again have their voices heard in the media and inside the Beltway. The third annual AdvisorOne-fi360 Fiduciary Survey will close on Friday, April 5.

While hundreds of advisors have already participated, we encourage advisors of all business models and affiliations to take advantage of this opportunity to participate in the debate. Respondents can maintain their anonymity in taking the survey, but the findings in aggregate will help inform the discussion on this crucial topic. We want to know, and to publicize, not only what your opinions are regarding a fiduciary standard, but also how and whether you are already implementing such a standard in your own practice.

The findings of the 2013 Survey will be published on AdvisorOne and presented at fi360’s annual conference in April. 

A “concept release” on the fiduciary standard could come from the SEC by early summer, while the DOL fiduciary redraft is scheduled to be released in July. 

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You can read the findings on AdvisorOne of the 2012 Fiduciary Survey, and you can take this year’s 2013 Fiduciary Survey here.

 

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