Redefining the nature of fiduciary duty is on the agenda for both a new advocacy group and the academic "advisor SRO" that formed earlier this year.
The Institute for the Fiduciary Standard will serve as an advocacy group for those who resist the dilution of fiduciary responsibility and a think tank to feed the press.
Knut Rostad, who formerly ran the Committee for a Fiduciary Standard, is on tap to run the new group, which is seeded by seven high-ranked members of the CFS and Roger Ibbotson as well.
The legendary Harold Evensky will take over the CFS.
The new group has already started rebuilding the wall between fiduciary advisors and those tied to more basic suitability rules. As they note, these are "two very different rules."
Meanwhile, the Self-Regulatory Organization for Independent Investment Advisors, now somewhat more comfortably known as SROIIA, has leapt into the fray by coming up with a new fiduciary exam.
The group, created by University of Mississippi law students to give RIAs a choice of SROs if they are pushed under some form of self-regulatory framework, has been working closely with the CFS to firm up the fiduciary code.
The new test was created in partnership with fiduciary support firm fi360.