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fi360 and CEFEX Urge SEC to Implement Third-Party Audits of Registered Investment Advisers (PDF)

"Given the challenges in crafting a five-year strategic plan that meets one of the SEC's most critical objectives, i.e. to promptly detect and deter securities law violations, fi360 and CEFEX believe, and would respectfully suggest, that leveraging private sector assistance through third-party compliance reviews -- the same concept considered by the Commission in 2003 and advanced by Chairman Schapiro in 2009 -- is an appropriate and more assured means of enhancing investment adviser examinations and increasing investor protection."

fi360 Comment Letter to SEC on Recommendations of the Investor as Purchaser Subcommittee on Broker-Dealer Fiduciary Duty (PDF)

"Brokers providing personalized investment advice to retail clients act as investment advisers and should be subject to Advisers Act jurisprudence, rules and guidance.... Brokers are already subject to a common-law fiduciary standard under securities laws for certain advisory activities, and as dual registrants .... Narrowing the broker-dealer exemption will avoid creation of a new layer of regulation and loopholes for the securities industry; and avoid higher compliance costs."

Third Annual fi360-ThinkAdvisor Survey of Investment Advisors: Information and Opinions About the Fiduciary Standard

"Advisors largely rejected the arguments of opponents of placing investors' interests first by extending the fiduciary standard for advice.... [S]urvey respondents said extending to fiduciary standard to brokers: [1] Would not cost investors more for advice (79%). [2] Would not price investors out of the market for advice (69%). [3] Would not limit access to advice or products (68%). Survey participants strongly agreed that investors are unaware of the differences between the fiduciary standard governing investment advisers and the much lower 'suitability' standard used by the brokers."

fi360 Comment Letter to SEC on Duties of Brokers, Dealers and Investment Advisers (PDF)

"fi360 strongly believes that there should be a uniform standard of conduct for personalized investment advice provided to retail investors ... We believe that investors expect that a uniform standard should be applied, no matter the regulatory affiliation of the individual providing the advice. We believe that the adoption of a uniform standard would not reduce the availability of appropriate investment services or investment products to retail investors."

fi360's Blaine Aikin: DOL's Fiduciary Rule 'Takes Advisors to a Fork in the Road'

"[T]he Rule is serving as a catalyst for needed change in the overall field of professional investment advice, not just in the retirement space.... We have great practitioners in every segment and business model within financial services, but we have been operating in a broken system when it comes to advice. We have been trying to build our profession on an unstable foundation when we have two different standards of conduct for practitioners. A strong foundation for professional advice requires a consistent culture of fiduciary responsibility and enforceable adherence to the fiduciary duties of loyalty and care."

Birth of an Industry Leads to Need for Specialization by Investment Advisors

"With the introduction to the 'F' word by fi360 in the early 2000's, followed by the Pension Protection Act of 2006, the additional provider and participant disclosures last year, and now the proposed amendment to the definition of an ERISA fiduciary, the competency threshold for selling retirement plans should no longer begin and end with the ability to select and monitor investments."

Influencing Fiduciary Law in 2011

"We here at fi360 will continue our part to advocate for fiduciary responsibility and encourage our fellow fiduciaries to do the same. Therefore, it is important that you continue to send your comments to the SEC in 2011 on the fiduciary duty or any other provisionsof the Dodd-Frank Act that impact you."

Questions and Answers on Monitoring Client and Investment Fees

Excerpt: In this post, you'll find answers to the majority of questions submitted during the [fi360 webinar session on the topic] written by the panelists from the original webinar.

Prudent Practices for Retirement Income Solutions (PDF)

38 pages. "Retirement savings plans were created to help the masses live long lives in relative prosperity after they've stopped working. With fewer defined benefit plans available and lifespans increasing, concerns around running out of income in retirement have meaningfully increased. This handbook was created to help expand retirement plan participants' access to, and consideration of, retirement income solutions."

Cybersecurity and Retirement Plans (PDF)

46 presentation slides. Topics: [1] The latest guidance on cybersecurity for qualified retirement plans; [2] Tips for hiring a plan service provider; [3] Cybersecurity program best practices for qualified retirement plans; and [4] The role of the financial advisor in cybersecurity.