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Industry Groups Differ On Fiduciary Standard
By Staff Reporters
The House Financial Services Committee recently heard two takes on the fiduciary standard – investment advisors who want it applied to broker dealers – and broker-dealers who want to apply a universal standard of care to all advisors, including investment advisors.
Assessment
And so, we encourage all ME-P subscribers to read industry trade magazines [aka ”trade rags”] to learn how some financial advisors fleece physicians and other investors by not being fiduciaries; with sincere apologies to all honest and hard working fiduciary advisors.
IOW: Follow the money.
www.CertifiedMedicalPlanner.com
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Filed under: "Advisors Only", CMP Program, Ethics, Financial Planning, Investing, Point-Counter Point | Tagged: broker-dealers, certified financial planner, certified medical planner, CFP, CMP, fiduciary financial advisors, financial advisors, investment advisors, registered investment advisors, RIA, www.CertifiedMedicalPlanners.com |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Yep, it never ends … especially with the brokers it seems.
http://www.fa-mag.com/fa-news/4580-broker-barred-for-defrauding-90-year-old-of-life-savings.html
Sam
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It’s a shame, but I doubt that with the “clout” of the big brokerage firms, that they’ll agree to a fiduciary standard. I made the switch to RIA over 4 years ago, and will never look back.
Thanks for pushing this important message to your readers and physicians!
Russell Dunkin, CFP®
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Congratulations Dr. Joe,
http://www.msnbc.msn.com/id/33197187/ns/health-health_care/?gt1=43001
The true definition of a fiduciary.
Wanda
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Russ, Sam and Wanda,
Agree with you … and amen!
Clinton
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ME-P Readers,
Q: When is a fiduciary … not a fiduciary?
A: When Mary Schapiro says so.
Link: http://www.fa-mag.com/blog/evan-simonoff/4254-secs-schapiro-hints-at-exemption-for-some-fiduciaries.html
Cranson
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After reading this post – and blog – I now realize why Jack Bogle of Vanguard said “Too much salesmanship and too little stewardship” – and David Swense said of the financial services sector – “It is a marketing industry.”
Good comments and links, all.
Marty
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Hell, the “F” word is a problem in more than just North America
For example, the U.S. Congress is currently trying to cobble together some type of financial regulatory reform and somehow resolve the nettlesome industry debate over the “fiduciary” status, namely, as to whether financial advisors should be allowed to wear two hats: one when providing fee-based investment advice as a fiduciary and then also acting as a Series 7 holder in commission-based transactions.
http://registeredrep.com/regulatory/banks_hold_too_much_debt1124/
So, how do you think the government can run healthcare, when it can’t even decide what it means to “do the right thing” with our money and investments?
Dr. Jayson
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Fiduciary — Really?
Alan Blinder recently said that “a once-in-a-lifetime opportunity to build a sturdier and safer financial system is slipping away.”
Why? No consumer protection, no mortgage claw-backs, no derivatives regulations, no Glass-Steagall … no nothing. And, we are setting the stage for another, bigger meltdown; call it “Great Depression Version 2.0”
I say bring back Glass-Steagall!
George
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George, Marty, Cranson, Dr. Jay and all ME-P Readers and Medical Colleagues,
According to this industry trade magazine, my experience in the business and decades long fiduciary advocacy, recent shake-ups in the US Senate will probably not impact the development of a stringent fiduciary standard for certain broker- dealers
So, why am I not surprised?
http://www.fa-mag.com/fa-news/5103-senate-shake-ups-unlikely-to-impact-fiduciary-standard.html
I continue to suggest running from most FAs, financial planners [certified or not], stock brokers, etc.
Consider only an independent RIA [Registered Investment Advisor] who will sign an affidavit of fiduciary responsibility to you. And – one with demonstrated deep subject matter knowledge and specificity for medical professionals.
Full disclosure: http://www.CertifiedMedicalPlanner.com
Dr. David Edward Marcinko; MBA
[Publisher-in-Chief]
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More [Sadly] on Broker Integrity or the Lack Thereof
A former Merrill Lynch broker accused of stealing a $780,000 signing bonus highlights how little brokerages and other investment firms may know about certain job candidates they’re recruiting.
http://www.fa-mag.com/fa-news/5438-alleged-bonus-theft-shows-firms-hiring-soft-spot.html
Always perform your own due-diligence before hiring anyone to invest your money. Trust no one – and paddle your own canoe.
Ann Miller; RN, MHA
[Executive-Director]
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What Lower Industry Standards Bring
A lack of fiduciary standards, for the financial services industry, means that FAs have a competitive advantage when [if] they put the client’s interests first … pity most do not.
http://www.fa-mag.com/component/content/article/5474.html?magazineID=1&issue=143&Itemid=73
And, even more than the competition, it is the right thing to do!
http://registeredrep.com/news/fiduciary_amendment_gets_filed_tonight_debate_heating_up_0506/?cid=nl_wm
Ann Miller RN, MHA
http://www.CertifiedMedicalPlanner.com
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Who is a fiduciary advisor?
Read how disingenuous the industry is; even after financial reform.
http://www.fa-mag.com/fa-news/5718-who-is-a-fiduciary-clientsand-advisorsunclear.html
Such a shame. All should be.
Blane
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Letters Opposing Fiduciary Standard Outweigh Support Notes
http://www.life-financial-planner.com/more/Letters-Opposing-Fiduciary-Standard-Outweigh-Support-Notes?l=aHR0cDovL2Jsb2dzLndzai5jb20vZmluYW5jaWFsLWFkdmlzZXIvMjAxMC8wOC8xOS9sZXR0ZXJzLW9wcG9zaW5nLWZpZHVjaWFyeS1zdGFuZGFyZC1vdXR3ZWlnaC1zdXBwb3J0LW5vdGVzLw==&k=
It will just not happen!
Barbara
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Do Clients Really Care About Whether Advisors Are Fiduciaries?
With an increasing focus on fiduciary from NAPFA, the FPA, and a global trend towards fiduciary advice witnessed as far as reforms in Great Britain and Australia, it would seem that fiduciary is at the forefront of concerns about financial advice.
Yet at the same time, Mike Kitces discusses the issues of fiduciary, broker/dealer, registered investment advisor, and the distinctions about advice that they imply, in the industry and technical jargon not really accessible to most clients.
In the process, he asks are we making fiduciary issues more relevant to clients, or actually diminishing the importance? In the end, is it really about having a legally-bound fiduciary on your side … or is it just about talking to someone you trust?
http://www.kitces.com/blog/archives/151-Do-Clients-Really-Care-About-Whether-Advisors-Are-Fiduciaries.html#comments
What do you thnk?
Hope R. Hetico RN MHA
[Managing Editor]
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Are Doctors Not Longer Fiduciaries … Professionals?
Hospitals who employee doctors usually offer them some sort of productivity-based compensation.
And, I am aware of physicians who note that employed doctors may face pressure from hospitals to order more expensive testing alternatives and procedures, etc.
Shame! Are we becoming more like financial services salesmen working on commission? And, who do we work for, hospitals or our patients.
Dr. David Edward Marcinko MBA
[Managing Editor]
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Don’t expect fiduciary proposal this year
[We told you so – at the ME-P]
Ramped-up cost-benefit analysis gumming up the works; ‘time frame certainly has slipped’
http://www.investmentnews.com/article/20110919/FREE/110919929
Hope Rachel Hetico RN MHA
[Managing Editor]
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