Industry Groups Submit New Fiduciary Roadmap to SEC

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Industry Groups Submit New Fiduciary Roadmap to SEC

Mar 30, 2012

In an effort to break a deadlock in the SEC's effort to adopt a uniform fiduciary standard, a group of seven influential consumer groups and industry organizations – including the FPA, NAPFA and CFP Board – have provided the commission with a proposed roadmap for resolving the debate....

Kevin Keller, chief executive officer, CFP Board of Standards:

"In a recent consumer survey conducted by CFP Board, we found that 67% of Americans believe that the government has a role in protecting investors from fraud and abuse. Establishing a uniform fiduciary standard for broker-dealers is an essential step towards providing that protection. CFP® professionals have successfully delivered financial planning services, using a variety of business and compensation models, under a fiduciary standard of conduct so we know it can be done. We join with other public interest, consumer and industry groups to offer the SEC a practical, common sense, framework for a fiduciary rule that works for both consumers and financial service professionals." Read more >

Financial Planning
Ann Marsh
March 30, 2012

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