What Firms Claim About Their Brokers’ Fiduciary Duty (and Lack Thereof)
Broker-dealers publicly market themselves as putting their clients first. But when it comes to arbitration cases, they sing a different tune.
Clients Deserve a Clear Choice Between Sales and Advice
There's nothing wrong with commissions as long as the “clients” understand that they are getting “sold” rather than “advised.”
Is Fiduciary Sales an Oxymoron?
DOL and SEC need to make the distinction between sales and advice clear—and stop letting anyone other than an RIA call themselves an advisor.
Toward a Workable Fiduciary Standard for Brokers: The 7 Questions
To tell if brokers are really acting like fiduciaries, ask these seven questions about a client's portfolio to check for possible broker abuses.
An SEC Broker Fiduciary Standard May Undermine the ’40 Act
In my March 25 blog on ThinkAdvisor.com, “Will She or Won't She? Mary Jo White and the Broker Fiduciary Standard,” I voiced some concerns about SEC Chairwoman White's recent remarks at SIFMA's Legal and Compliance Seminar in Phoenix pertaining to the SEC's plans to move forward with a fiduciary standard...
Why Commissions Are Also Bad for Brokers
Commission-based brokers are the only guys in the hugely successful asset management game who aren’t getting cut in on the gravy train.
Is the DOL’s New Proposal Really a New Broker Standard?
As I make my way through the DOL’s proposed rule changes for brokers, the sentence that keeps running through my mind is: “We’ve been had.”
Efficient Technologies Inc. Takes Advisors to the Next Level
Richard Walker successfully solved a mundane yet major problem for advisors like himself: forms, forms and more forms.
NAPFA, Take 2: Just Say ‘No’ to Politics
The response to my suggestion that NAPFA not get involved with protesting Indiana's law graphically illustrates my point.
One Step at a Time: An Open Letter to the Institute for the Fiduciary Standard
The Institute for the Fiduciary Standard called for public and industry comment in a January white paper outlining 11 best practices for advisors and brokers who provide advice to clients. What follows is an open comment letter that I sent to the Institute in March