Bankers Making An End Run On Ownership Of The "Fiduciary" Designation And Brand


Eugene Maloney of Federated Investors reportedly told the crowd to "flaunt" their fiduciary status while brokerage firms and their reps worry about exactly how (or if) similar duties will apply to them.


As reported, his comments reflect the age-old prejudice in the banking world about how only bankers and trust officers are "real" fiduciaries and the rest of the industry -- including most RIA affiliates -- are at best only holding themselves accountable for their clients' best interests.


I've had plenty of trust companies tell me that RIAs "aren't really fiduciaries" just in the last year. When I press, they can never tell me the difference, but it looks like a few of them may be getting more aggressive than ever about taking ownership of a term they think belongs to them.




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