The Fiduciary Oath


[By Staff reporters]

This one-page document outlines five fiduciary principles a financial adviser must follow to put the client’s interests ahead of their own. They include acting with prudence, not misleading the client, avoiding conflicts of interest, and disclosing and managing unavoidable conflicts.

The oath, meant to be printed out and signed by an adviser, has been around for several years. But recent events, such as the 5th Circuit Court of Appeals striking down the DOL rule, have increased the urgency to get it into circulation.

“With the 5th Circuit ruling, it is just so important to have this oath out there because it states fiduciary principles,” said Ms. P. Houlihan, president of Houlihan Financial Resource Group. “The oath is the answer, given that the DOL rule is gone.”





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8 Responses

  1. Bye-Bye DOL

    Federal rule to protect retirement savers dies quietly.

    Dr. David E. Marcinko MBA

    Liked by 1 person


    In Donovan v. Cunningham (1982) the Judge said; “A pure heart and an empty head are no defense in cases alleging breaches of one’s fiduciary duties.”

    Dr. David E. Marcinko MBA



    SEC to Require Brokers Only to Reveal Financial Conflicts

    SEC to require brokers only to reveal financial conflicts, not eliminate them.



  4. BI?

    SEC’s Reg BI is not an investor protection regulation, despite its misleading name. Some states are stepping up to help investors get fiduciary advice that’s actually in their best interest. If you doubt this, analyze who applauds the SEC rule (hint-Wall Street, the Broker-Dealer/insurance/bank/fund company lobby groups for the investment product/securities sales distribution channels). And who is urging states to put bona fide fiduciary requirements in place? (Hint – investor advocates. Many of us plan to testify at the state hearings.)

    Here’s the thing: actual fiduciary duty is good for investors and firms – look at the thousands of fee-only Registered Investment Advisors across the U.S. that thrive as they serve clients as fiduciaries.

    Anyone professing to be an advisor needs to act in the investor’s interest, and if you are a salesperson, your title needs to reflect that and not mislead. SEC left the door wide open for investor abuse by allowing broker-dealer registered reps (sales) who are also investment advisor reps (advice) to use misleading advisor-type titles. SEC knows that and that’s one of the reasons why its BI rule is misleading to investors.

    But SEC’s Reg BI is in the Best Interest of … Brokers.




    While we have challenged the SEC’s Regulation Best Interest as failing to follow the mandates set forth by Dodd-Frank and the ’40 Act, uncertainty benefits no one.

    Let’s get a ruling.




    Implementation June 30th, 2020; 1,000 pages.

    Dr. David E. Marcinko MBA


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