Financial Planners Still Lobbying For The Fiduciary Standard

Tuesday, March 29, 2011 22:29
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Financial Planners Still Lobbying For The Fiduciary Standard

Tags: CFP Board | fiduciaries | financial planning

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.

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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.

 

 

Comments (3)

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skips303
a couple of typos here:

1. Financial Planning Coalition, not "Commission"

2. fiduciary standard of care, not financial standard of care
skips303 , March 30, 2011
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brentb843
I fail to see how the Financial Planning Coalition is anything but a joke. First, they have no set standards for planning, ie the calculations used in financial plans. They are really the financial planner coalition.

Next they claim to be 'ensuring financial planning services are delivered with fiduciary accountability and transparency.' Really? What have they done to promote such? Allow brokers to hold out a CFP designation?

Come on, this is really a membership group lobbying for more fees. They are almost as comical is fi360 who allow brokers, who by their very fight against a fiduciary standard, to hold themselves out as AIF.

ERISA has clearly defined being a fiduciary is not about title by instead procedural prudence.

If anyone at the coalition, which I have contacted ad nasium for such evidence cares to respond, my email is This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

brentb843 , March 30, 2011
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brentb843
oops, excuse the typos....they are almost as comical as fi360 who allow brokers, who by their very fight against a fiduciary standard aren't fiduciaries, to hold themselves out as AIF. Its all about the membership fee....
brentb843 , March 30, 2011

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