The SEC may be signaling a cooling-down period over whether to impose a unified fiduciary standard on RIAs and brokers, but the financial planning groups are still beating the drum.
The Financial Planning Commission -- NAPFA, the FPA and the CFP Board -- reached out to Congress to argue for "prompt action" on the standard.
It's an interesting campaign, although it lays things on a tiny bit thick: Bernie Madoff, crimes against the elderly, and the recent decline in investor confidence are all invoked as the types of problem that the financial standard of care will theoretically cure.
For all that, this kind of slowed-down, street-level discussion -- rooted in real people and their concerns -- is probably a better tack to take than all the pondering of business models put together.
Whether June or July -- when plans to unveil and enforce the new standard are currently set to begin -- would be too late for these suddenly deadline-driven groups remains to be seen.