SEC Official: Fiduciary Rule 'Likely' This Year, but Not Harmonization

News & Events


CFP Board in the News

SEC Official: Fiduciary Rule 'Likely' This Year, but Not Harmonization

Jun 27, 2011

A senior official at the Securities and Exchange Commission (SEC) said Monday that while he believed the securities regulator would issue a rule putting brokers under a fiduciary mandate this year, the agency would hold off on issuing one on the overall harmonization of advisor and broker rules.

Douglas Scheidt, associate director and chief counsel in the SEC's Office of Investment Management, said during a panel discussion at the Insured Retirement Institute's (IRI) regulatory conference in Washington, that while it is indeed likely that the SEC will act on the recommendations it put forth in its fiduciary study, which was mandated by Dodd-Frank, the devil will be in the details as to how such a proposed rule is crafted.

Scheidt's comments come only days after the Financial Planning Coalition sent a letter to the SEC, which was accompanied by a petition signed by more than 5,200 financial planners, urging the SEC to apply a fiduciary standard to anyone providing personalized investment advice to retail clients. The Coalition is comprised of the Financial Planning Association (FPA), the National Association of Personal Financial Advisors (NAPFA), and the Certified Financial Planner Board of Standards (CFP Board). Read more >

Melanie Waddell
June 27, 2011

Speaker's Bureau
CFP Board’s leadership and representatives are available for interviews and speaking engagements on personal finance, the financial planning profession, CFP Board and the CFP® designation.

Did You Know?

Among clients who work with an advisor, 87% of those working with a CFP® professional are satisfied or very satisfied, compared with 72% of those who work with an advisor without certification.
Anyone can call themselves a “financial planner.” Only professionals who meet CFP Board’s rigorous standards can call themselves CERTIFIED FINANCIAL PLANNER™ professionals.
The 2013 Household Financial Planning Survey shows that those with a financial plan feel more confident and report more success managing money, savings and investments than those without a plan.
Let's Make A Plan
Don't address your finances individually. Pull your finances together with the help of a CFP® professional.