To read the March 1, 2013 release of the SEC's fiduciary questionnaire evokes the worst nightmare a university student could have. As industry thought leaders have opined, (see "Has SEC Unfairly Rigged Its Fiduciary Questionnaire?" FiduciaryNews.com, April 23, 2013), one must wonder if the whole thing is a sham – an elaborate political scam designed to shove aside the agency's mandate to protect investors in favor of Wall Street's vast oceans of potential political donations.
The problem centers on the nature and apparent bias of the document – titled "Duties of Brokers, Dealers, and Investment Advisers" – itself. First, coming in at 72 pages, its heft alone is enough to intimidate even the most experienced fiduciary advocate. Second, it comes across like one of those college tests you have nightmares about (you know, the ones where you're dreaming you oversleep before the final, rush to the exam in your pajamas only to find the questions are written in some obscure Sanskrit dialect. Oh, yeah – and it's a math test).
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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 FiduciaryNews.com 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 (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
