Regulation for Regulation Sake Not the Answer for Advisors

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Regulation for Regulation Sake Not the Answer for Advisors

Feb 03, 2011

Marilyn Mohrman-Gillis of the Certified Financial Planner Board of Standards said that a study conducted by SEC staff recommended a uniform fiduciary standard of care for both investment advisors and broker dealers. "You cannot just import broker dealer regulations and place them on advisors," she said. "They just don't fit."

So, what are the implications for the advisor community and what are the next steps?

The SEC's job is done now that it's done a study. Whether or not it will implement the fiduciary standard is up in the air. "The SEC has a lot on its plate with Dodd-Frank," said Mohrman-Gillis. "I think we need to continue to try to use our voice and put pressure on the SEC to continue with rulemaking. The bottom line is reform is not immediate it will take time." Read more >

Financial Planning
Ruthie Ackerman
February 3, 2011
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