The Department of Labor has proposed yet another fiduciary rule on retirement investment advice that is strongly opposed by many financial advisors. Two key provisions would dramatically affect who is deemed a fiduciary and what standards they must meet. Hear from a panel of experts who will explain what these latest developments mean for you.

The Investment Advisers Act of 1940, more commonly known as the 40 Act, is a U.S. federal law that defines the role and responsibilities of an investment advisor. Prompted in part by a 1935 report to Congress on investment trusts and investment companies prepared by the SEC, the act provides the legal groundwork for monitoring those who advise pension funds, individuals and institutions on investing. It specifies what qualifies as investment advice and stipulates who must register with state and federal regulators in order to dispense it.

Here’s my “wish list” for reforms in 2020, acknowledging that some of these actions may take years, or even decades, to accomplish.

There are many prerequisites to becoming a true profession. Have we satisfied those requirements? And if so – do we desire to take the next step – seeking true status as a profession through legislation?

Legions of CFPs face a choice: Either act as a fiduciary, as their CFP certification will require as of October 1, or surrender their credentials in order to work for firms that push products upon their customers that meet the weak “suitability” standard.