Apparently I wasn’t clear enough in my last blog about the “authentic” fiduciary standard thing. I got the following e-mail string with from advisor who prefers to remain anonymous:
Him: “I do think that you should refrain from adding a modifier to the fiduciary term; it reminds me somewhat of the CFPBOS as they had licensee, professional or Certificant follow the CFP.”
Me: “Now, don’t get me started on the CFP Board, but I do agree about the CFP designation; any of those modifiers makes it seem less professional. As for fiduciary, like the Committee for the Fiduciary Standard, I'm concerned about a "fiduciary standard" that is greatly watered down, to the point of meaninglessness. Hence the "authentic" meaning of a real fiduciary standard, not one so lame that brokers can simply get on with biz as usual.”
Him: “I hear you, Bob, but if it is principles-based then it is up to the courts and juries to decide. Do you want it to be draconian or fair?”