Planners Want Fiduciary Standard

Almost all members of a financial planners group say they should be held to a fiduciary standard requiring them to act in a client’s best interests, according to a recent survey.

Of almost Financial Planning Association 1,800 members responding to the survey, 87% said they would support inclusion of a fiduciary duty in their professional Code of Ethics, which was developed by FPA, Washington. Only 10% said they would not support the inclusion of such a standard, and the rest either were unfamiliar with the issue or had no opinion.

Both independent planners and those who work for large firms or broker-dealer showed equal support for the fiduciary standard.