Financial Planning Coalition Delivers 5,000 Signatures In Favor Of Universal Fiduciary Standard
- Created: Thursday, 23 June 2011 23:58
The latest salvo from the Financial Planning Coalition -- NAPFA, the FPA, and the CFP Board -- was a petition to Mary Schapiro signed by 5,200 planners asking her to confirm the SEC's earlier recommendation to universalize the fiduciary code to all advisors.
It's a short, simple statement that puts retail investors first, as fiduciaries should in any event.
And it doesn't distinguish among compensation models.
As it points out, advisors have the freedom to operate under different rules, but because clients have a hard time telling the difference, it makes sense to simply force all advisors to work for the client regardless of model.
There's a list of signers at the end of the PDF file that the Coalition has published. What's interesting is that out of the 75,000 planners the Coalition reportedly represents, barely 6% signed.
Does the fiduciary standard matter so little to them? Or were they just not informed that the petition existed in time to sign?
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