The mineral Pyrite, an iron sulfide, features a rich metallic luster with a color that resembles a brassy yellow. With these traits, prospectors often mistook Pyrite for gold, resulting in its nickname "fool's gold."

In the tussle between industry combatants, the fight for the fiduciary standard comes down to one word: Disclosure. The SEC has made no question of the importance of disclosure when conflicts of interest exist.

One need only look at the format of the new ADV Part 2. Replete with the term "fiduciary," the SEC's instructions implicitly demand Registered Investment Advisers to fully disclose how their actions measure up to the duties of a fiduciary. A fine and honorable concept, one wonders how many RIA clients and prospects will actually read the darn thing, especially now that the SEC has determined it's better for RIA's to provide a "plain English" novella as opposed to the simple and easier-to-read few pages of the previous ADV Part II.

Continue Reading for Free

Register and gain access to:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Christopher Carosa

Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook ( Twitter (