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Assessment
And so, as a member of the financial services sector, what keeps you up at night? Is it controlling costs? Obtaining and retaining quality advisor, brokers and agents? Implementing fiduciary accountability and/or quality initiatives and the flight to RIAs, etc? How about the recession or housing bust? Or, our favorite … difficult physician clients?
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Filed under: "Advisors Only", Experts Invited, Surveys and Voting | Tagged: accountants, EAs, financial advisors, financial services industry |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
LPL Fined For Lack Of Oversight
LPL Financial has been fined $100,000 for failing to properly oversee one of its brokers who sold risky investments to people, many of them elderly and without the mental capacity to make investment decisions.
http://www.fa-mag.com/fa-news/9247-lpl-fined-for-lack-of-oversight.html
Adam
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My Concern
As you are probably aware, the SEC and Department of Labor continue to push efforts to more clearly define and enforce a fiduciary standard of care for financial advisors.
In 2011, the SEC said it would propose a rule which would hold both fee-based financial advisers and commission-based brokers to the same fiduciary standard.
Currently investment avisors are held to a “fiduciary” standard, which means their recommendations must be in the best interest in their clients. Brokers are held to a “suitability” standard, meaning that any products they recommend must be suitable for their clients, though the products need not be in their best interest. And, beware that stock brokers often call themselves FAs.
The rule has yet to be proposed and many industry experts do not believe it will happen before the presidential election.
Regardless of what the SEC does or does not propose, here’s what I know: there is a big difference between offering something that is “suitable” and acting as a “fiduciary.”
Dr. David Edward Marcinko MBA
[Editor-in-Chief]
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