“We support the concept of a fiduciary standard” for all advice-givers, said Scott Curtis, president of Raymond James Financial Services, but he argued in a Tuesday interview that “it hasn’t been defined to the FA level.”
Until it is defined to that level, said Curtis during RJFS’ annual conference for independent contractor reps, it would be imprudent to speak about embracing fully such a standard.
Curtis (left) was speaking at the annual Raymond James Financial Services’ National Conference for Professional Development for RJ’s independent broker-dealer representatives. In January, Curtis became president of RJFS, succeeding Dick Averitt, who on Monday was lauded for his long leadership of the group (Averitt remains chairman of RJFS).
In a media rountable during the conference in Orlando, Curtis recalled attending a session at the Financial Services Institute’s annual conference earlier this year where one independent broker-dealer executive suggested the industry should just move ahead and embrace a fiduciary standard. On Tuesday, Curtis said he thought at the time, and still does, “Move ahead with what?” and then raised the question of whether the standard should be the SEC’s or the Department of Labor’s.