The CFP Board set out fiduciary duties for all advice. Its statements are clear and strong. This is an important step. But alone, it falls very short. Why?
The CFP Board proposal on fiduciary duties are a good first step towards a fiduciary standard. Yet, they fall well short of basic fiduciary practices and, equally as important, what ordinary investors clearly want from an investment advisor or financial planner. Significant common sense revisions will align the CFP requirements with true fiduciary practices. Alternatively, the Board can realign its promise to the public to fit its current standards. Webinar attendees will learn:
The “big three” discount brokers use sales incentives to get their advisors to gather assets and push certain products.
Provisions of the DOL’s fiduciary rule went into effect on June 9, but the controversy over its impact on advisors and clients continues. In this live, Munk-style debate moderated by Bob Huebscher, Tom and Knut will take opposing sides on the following proposition:The benefits to investors and society of implementing the DOL fiduciary rule far outweigh the costsKnut will speak in favor of this proposition, while Tom will argue against it, covering issues such as:•Should the decision to work with an advisor who adheres to the fiduciary standard or the suitability standard be left to investors, rather than the government?•Will the rule create administrative burdens and liability risks that will discourage advisors from serving retirement clients?•Will registered representatives moving from commission-based to fee-based compensation no longer be willing to take on clients with smaller pools of retirement assets?
Implementation of the DOL rule may be delayed or abandoned, but the next battle over the fiduciary standard is just beginning. In this webinar, Knut will offer strategies advisors can use to prepare for victory in this increasingly complex and polarized battleground. He will discuss:•The historical forces shaping today’s fiduciary conflicts, from the rise of ERISA in the Nixon era to the enactment of Dodd-Frank in the wake of the Great Recession of 2008-2009; •Lessons learned from the rise and fall of 2015-2017 DOL fiduciary initiative;•How advisors can prepare to gain the high ground in the next fiduciary battle; and•Specific strategies and practices advisors can use to capture the hearts, minds and assets of disgruntled and skeptical investors