Welcome
FiduciaryNow is an effort to educate both consumers and financial advisors of the importance of the fiduciary standard in financial planning and investment advisory activities. FiduciaryNow provides resources of an educational nature, exploring such diverse topics as how consumers can interview financial advisors, the nature of the fiduciary concept, and specific fiduciary duties which should be adhered to by financial advisors. FiduciaryNow also advocates for a better future for all Americans through the application of a fiduciary standard of conduct to all providers of financial planning and/or investment advisory services to retail consumers.
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Recent Developments
Call for Papers - Fiduciary Standard as Applied to RIAs and BDs. Ron repeats the Call for Papers issued by the Boston University Review of Banking and Finance and The Committee for the Fiduciary Standard, and suggests various topics worthy of research and exploration, in this July 2010 Update.
The "WIN-WIN-WIN" Proposition for Large Financial Services Firms. This outline was prepared in advance of the CFP Board's Annual Firm Meeting in New York, NY, on Dec. 4, 2009. Ron first reviews the many developments affecting the delivery of financial products and services over the past few decades. Ron then explores the advantages large financial services firms would possess if they embraced the bona fide fiduciary standard of conduct. Attached to the outline are materials which have been previously distributed, on "Understanding Fiduciary Duties."
Ron also recommends to readers, who seek to understand the nature of the fiduciary standard of conduct, including why the "core" fiduciary duties are non-waivable, Professor Laby's 2008 law journal article. Ron also recommends reading Professor Laby's recent article, in which he expresses his view that the broker-dealer exemption from the definition of investment adviser should be repealed:
Laby, Arthur B., The Fiduciary Obligation as the Adoption of Ends. Buffalo Law Review, Vol. 56, No. 1, 2008. Available at SSRN: http://ssrn.com/abstract=1124722.
Laby, Arthur B., Reforming the Regulation of Broker-Dealers and Investment Advisers (October 19, 2009). The Business Lawyer, Vol. 65, No. 2, February 2010. Available at SSRN: http://ssrn.com/abstract=1491268.
Ron provides an uncharacteristically short article designed to educate financial advisors on their fiduciary duties, entitled "I am a Fiduciary Financial Advisor." It can be found in the Nov. 3, 2009, edition of Advisor Perspectives, a weekly newsletter designed for Registered Investment Advisers who provide services to high-net-worth investors. To access the article, click here.
In this new outline, FIDUCIARY DUTIES: THE GREAT DEBATE, which was prepared for attendees at a leading securities law compliance conference, Ron first summarizes and contrasts the arguments of both sides of the "great debate" over fiduciary standards. He then provides a summary of the fiduciary duties of investment advisers and financial advisors.
Focus on Fiduciary
Focus on Fiduciary, part of the NAPFA Consumer Education Foundation, provides the following videos on what it means to be a fiduciary advisor. (Note: The videos will open in Windows Media Player. To obtain the latest version of this program, click here.)
Brokers vs. Advisors
Professionals You Can Trust
Questions - What is a fiduciary?
