The Fiduciary Standard: What is it?
Robert A. Prentice, JD
Chair-Business, Government and Society
McCombs School of Business
University of Texas at Austin
Speaking at the Fiduciary Forum in September 2010, Prof. Robert Prentice said that for even savvy, well-educated investors, the perception is that brokers already do have fiduciary duty to clients. He discussed how the law can help shape the culture of a profession. For example, if the law says it’s your job, every day, to do what’s in the best interest for your clients you’re sending a very different message, and this changes behavior, changing the culture.