Fiduciary Advisors Spend Less Time On Compliance, Study Says

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Fiduciary Advisors Spend Less Time On Compliance, Study Says

Jul 08, 2013

The Financial Planning Coalition says it has released a study that debunks the notion that imposing a fiduciary standard on broker-dealers would increase their compliance burdens.

The report, based on data gathered in March 2012, shows that broker-dealers who have a fiduciary responsibility because they are also registered investment advisors actually spend less time on compliance (5 percent) than brokers who are not RIAs (8 percent), according to the coalition.

“We have long believed that the notion fiduciary care is more expensive for broker-dealers is just a red herring and not true,” said Marilyn Mohrman-Gillis, managing director for public policy and communications at [Certified Financial Planner Board of Standards], a coalition member.
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Financial Advisor Magazine
July 8, 2013


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