It seems I may have been a bit hasty in my assertion that SIFMA was behind the amendment by Senator Tim Johnson (D-South Dakota) that back-burnered the fiduciary duty out of the Senate’s version of financial services reregulation. Apparently, it’s the insurance lobby that has the good Senator’s ear. To my mind, that’s both good [...]

As reported by Wealth Manager Editor-in-Chief Kathleen McBride in her Friday online column (wealthmanagerweb.com), a new salvo as been fired in the attack against a fiduciary duty for all financial advisors. Now that the dust has begun to clear from the wreckage of healthcare reform, Congress is once again turning its attention to the business [...]

In his response to my January 8 blog, Jay Martin raises an interesting issue about whether a fiduciary standard can or should be applied to securities sales. He writes: “I, for one, am thoroughly confused how sales can or should be fiduciary.” The implication here is that it shouldn’t be, and I couldn’t agree more. But [...]

Much is being made of SEC Chair Mary Schapiro’s testimony in front of the Financial Crisis Inquiry Board on January 14 regarding her comments about the reregulation of financial advisors. About a fiduciary duty for advisors, Ms. Schapiro said: “When investors receive similar services from similar financial service providers, it is critical that the service [...]