On August 6, 2009, CFP Board, FPA, IAA, and NAPFA sent a letter to Richard Hisey and Hye-Won Choi, co-chairs of the SEC’s Investor Advisory Committee in response to the Committee’s July 29th press release. In the letter, the four organizations expressed concern that the press release could be read to suggest that the fiduciary duty must be susceptible to “definition” in order to provide a workable standard. “Instead of trying to define fiduciary duty, we urge the Committee instead to consider a recommendation to clearly and unambiguously extend the fiduciary duty that investment advisors owe their clients under the Investment Advisers Act to brokers who provide investment advice.”

Read CFP Board’s letter (PDF, 81KB)

Read the IAC press release

Learn more about the SEC’s Investor Advisory Committee