Not much has happened since the January release of the SEC’s twin studies on financial advisor oversight and the obligations of broker-dealers and investment advisors when providing investment advice. To make sure its position doesn’t get lost in the silence, the three organizations comprising the Financial Planning Coalition––the Certified Financial Planner Board of Standards Inc., the Financial Planning Association and the National Association of Personal Financial Planners––say they sent a letter last week to the entire Congress urging members to support the SEC’s call to expand the fiduciary standard of care to those providing investment advice to retail customers.
“The public expects and deserves a strong uniform fiduciary standard of care,” Marilyn Mohrman-Gillis, managing director of public policy and communications at the CFP Board, said during a brief press conference on Tuesday afternoon. “We believe this is common sense reform that doesn’t create a new agency or burden taxpayers with new costs, and will benefit investors financially.” Read more >
March 29, 2011