The debate on whether all financial advice givers — including registered representatives of broker-dealers — should be required to operate under a fiduciary standard has been long and contentious.
Many groups have responded to the SEC's March 1 request for information on the topic — one of the key issues still unresolved in implementing the Dodd-Frank Act.
Among those in favor of a single fiduciary standard for all advice givers is the Investment Company Institute. It said in its comment to the SEC: "ICI continues to support the SEC staff's 2011 recommendation that the SEC adopt a fiduciary standard of conduct for broker-dealers when they are providing personalized investment advice about securities to retail investors that is no less stringent than the fiduciary duty that applies to investment advisers."
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James J. Green
Jamie Green is editor of Jamie Green Reports, an advisor-focused writing, editing and shepherding service. He can be reached at [email protected]. Jamie is former Group Editorial Director of the Investment Advisory Group at ALM Media, where he had overall editorial responsibility for ThinkAdvisor.com and Investment Advisor and Research on Wealth magazines, monthly print magazines that have served advisors of all kinds for more than 30 years. In more than 30 years of experience in print and electronic journalism, Jamie has been covering the investment advisory industry since 1999. In the 1990s he worked for nine years at The New York Times, where he was editor of TimesFax, an electronic version of the newspaper of record now known as TimesDigest. In the 1980s he was editor of Tele/Scope, a pioneering electronic news service based in New York, and was editor of Telecommunications Research, a monthly journal. He holds a bachelor's degree in philosophy from St. Hyacinth College in Granby, Massachusetts, and studied theology on the graduate level at St. Anthony-on-the-Hudson, Rensselaer, New York.
