Tag Archives: Fiduciary

Uniform Fiduciary Standard For Providing Investment Advice is Needed to Protect Investors From Harm

Members of the Financial Planning Coalition, with other “Friends of Fiduciary,” renewed their call for the  SEC to move forward with rulemaking on the uniform fiduciary standard in a joint letter to the five SEC commissioners, providing evidence from academic research, market analysis, and observation of industry practices to illustrate the harm to investors that results from the lack of a fiduciary standard.

Washington, D.C.– Documenting the harm to investors resulting from gaps in the rules governing investment advice, investor advocates and industry representatives  are renewing their call for the Securities and Exchange Commission (SEC) to better protect investors by establishing a uniform fiduciary standard of conduct consistent with Section 913 of the Dodd-Frank Act.

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MarketWatch: Is your adviser working in your best interests?

Lisa Hay, CPA, president and founder of Ascend Financial, LLC, shares the benefits of fiduciary financial advice and the most accurate way to tell if the adviser you are considering is acting in your best interest.

Excerpt: Many consumers are beginning to realize the benefit of fee-only fiduciary financial advice, but they don’t know how to tell if the adviser they are considering is actually fee-only. If you are smart enough to realize that working with a fiduciary is very important, and that how your adviser is compensated matters, read on.

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U.S. News & World Report: 4 Ways to Tell If Your Financial Advisor Is Scamming You

Trent Hamm, founder of TheSimpleDollar.com, shares simple steps to distinguish advisers who make your best interest a priority when it comes to planning your financial future.

Excerpt: Most financial advisors provide solid money advice that will help you achieve your goals. They sincerely want you to succeed, make genuine efforts to understand your financial situation and do their best to devise an investing plan for you.

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The Scholarly Financial Planner: Observations: Transforming the Firm from a Sales Culture to a Fiduciary Culture

Ron Rhoades of The Scholarly Financial Planner discusses the signs of an implemented fiduciary culture throughout a firm.

Excerpt: Twice a semester I take a group of students in a 15-passenger van on visits to local financial services firms. My financial planning program (undergraduate) students benefit from exposure to different practice models, learn about “day-in-the-life” of a financial advisor, and some even make connections leading to future internships or jobs. They obtain a real picture of the environments they may join, and upon their return most become more committed to their studies and to joining this emerging profession.

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The Wall Street Journal: Voices: John Taft, on the State of the Financial Industry Post-Crisis

John Taft of WSJ’s Wealth Adviser discusses fundamental reform issues that remain, particularly when it comes to the ethics and culture of the financial industry, including the fiduciary standard of care.

Excerpt: There are a lot of milestone dates used to mark the failure of the financial system. But the milestone that most affected my clients was the breaking of the buck of the Reserve Primary Fund, the largest money-market fund, on Sept. 16, 2008.

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