Financial Planning Coalition: SEC Fiduciary Standard “Gaining Steam”

Washington, D.C. – The Financial Planning Coalition – comprising Certified Financial Planner Board of Standards, Inc. (CFP Board), the Financial Planning Association® (FPA®) and the National Association of Personal Financial Advisors (NAPFA) – issued the following statement regarding the SEC’s latest regulatory agenda, which includes plans to propose rules to establish a uniform fiduciary standard of conduct for broker-dealers and investment advisers when providing personalized investment advice about securities to retail customers:

“Last week’s news that the Securities and Exchange Commission (SEC) intends to move towards requiring broker dealers to provide investment advice under a fiduciary standard is an encouraging sign that this important investor protection, long a Coalition priority, is gaining steam. We believe the Department of Labor’s fiduciary rule provides a framework for an SEC rule that applies the same standards to advice beyond retirement plans and IRAs. Investors – whether receiving advice for retirement assets or other investments – deserve advice that is in their best interests. The Coalition looks forward to working with the SEC on this critical investor protection.”