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.
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