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How the Rise of the Feel-Good Reg BI Was the Downfall of the 'Fiduciary Movement'
Knut Rostad in RIABiz 
[Opinion] Sept. 13, 2024 "[T]he new SEC rule is the suitability standard with two modifications. It cynically co-opts the fiduciary industry's 'best-interest' phrasing and treats more misbehaviors as technical breaches.... But in practice, the breaches are allowable because Reg BI arms brokers with ways to disclose away almost anything in the small print. The SEC accomplished one objective of the fiduciary movement -- regulatory harmonization for all advisors. But at a steep price. It made sure advisors and brokers appear to be conflicted alike." MORE >> |
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