The 'F' Word; Raising the Stakes?

January 2004
Journal of Financial Planning;Jan2004, Vol. 17 Issue 1, p18
Academic Journal
At Financial Planning Association's Success Forum in November 2003, outgoing president Dave Yeske called on planners to think, act and practice as a fiduciary. From a legal standpoint, a fiduciary has the duty of loyalty and care to clients. Registered investment advisers are automatically deemed to be fiduciaries under the Investment Advisers Act of 1940, but representatives of broker/dealers, banks and insurance companies are not. U.S. Representative John Boehner (R-Ohio) introduced legislation that would require brokers to adhere to fiduciary guidelines under Employee Retirement Income Security Act (ERISA). According to Donald Trone, president of the Foundation for Fiduciary Studies, the legislation, if passed, will recognize the National Association of Securities Dealers-registered rep as a prudent expert under ERISA.


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