While the financial services world waits for the Department of Labor's new conflict-of-interest rule, one organization in favor of clear fiduciary guidelines thinks the time is right for industry to take the lead in establishing new "concrete, verifiable" best practices.
The Institute for the Fiduciary Standard, a nonprofit established in 2011, rolled out 11 best practices Thursday in response to a "deeply troubling" anti-fiduciary sentiment.
"The view today among many in the industry is that a true fiduciary standard is unnecessary, or even detrimental to investors," said Knut Rostad, president of the institute. That attitude and a pervasive lack of investor trust has left the investment industry, and its customers, in "unchartered waters," Rostad said at a news conference at TD Ameritrade's Advisor Conference in San Diego.
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