Why a Committee for the Fiduciary Standard?
The Committee was formed in June 2009 by a group of investment professionals and fiduciary experts, just as policymakers and industry leaders were reviewing the repercussions of the financial crisis, to advocate that all investment and financial advice be rendered as fiduciary advice and meet the requirements of the five core fiduciary principles.Five Core Principles:
• Put the client’s best interests first;
• Act with prudence, that is, with the skill, care, diligence and good judgment of a professional;
• Do not mislead clients--provide conspicuous, full and fair disclosure of all important facts;
• Avoid conflicts of interest;
• Fully disclose and fairly manage, in the client’s favor, unavoidable conflicts.-
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Committee Initiatives
May 19, 2011 Committee: NAIFA “Hugely Misunderstands” Fiduciary Requirements of RIAs Knut Rostad, Chairman of the Committee for the Fiduciary Standard, said, “Last week NAIFA issued a statement on its view of the differences between the suitability and the fiduciary … Continue reading
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The Fiduciary Forum 2010
September 24, 2010 The Fiduciary Forum 2010 In Fall 2010, as Required by Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Securities and Exchange Commission (SEC) conducted a Study on Investment Advisers and Broker-Dealers of … Continue reading
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Goldman Sachs: Doing What’s Suitable
April 27, 2010 On April 27, 2010, Goldman Sachs executives testified before the Senate Subcommittee on Investigations about their duties under the suitability standard in certain transactions. The Committee has highlighted this testimony in an eleven-minute video, “Goldman Sachs: Doing … Continue reading
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