The SEC should take an interest in the
fiduciary issue because "this all started as an investor confusion problem.
had created a
fiduciary issue. (Special Correspondent 1949, p.
While all perspectives on corporate governance agree on the importance of the
fiduciary issues in corporate governance, differences arise in the nature and importance of the control role, and how difficult it is for ineffective boards to mask their lack of stewardship.
Bullard, a supporter of DOL's fiduciary plan, acknowledged that the SEC should have addressed the
fiduciary issue, but has "failed to do so."
Ann Wagner that also repeals the rule and, as Wagner has stated, keeps the
fiduciary issue "under the jurisdiction of the SEC, the expert regulator who has the experience of overseeing the industry."
Stein said it's important to have "robust policy debates" around the
fiduciary issue, and that there is no "one silver-bullet solution."
Hamburger said that on the
fiduciary issue, "a real battle is being raged here," with the intent to deliver "overall harmonization" of RIA and broker regulation.
On the other side of the
fiduciary issue, it appears the needle will also move forward on the Security and Exchange Commission (SEC) proposal for a uniform fiduciary standard rule, according to the agency's 2012 financial report.
If the CFP Board doesn't get financial planners on the right side of the
fiduciary issue right quick--as full-time fiduciaries--it's running the very real risk of marginalizing the entire profession; which I've been covering for over 30 years.
"While we continue to advocate for a thoughtful resolution to the
fiduciary issue -- one that preserves investor choice -- LPL recognizes that the DOL rule will have implications for financial advisors and investors," said LPL President Dan Arnold, in a statement earlier this year.
Kitces is right that the current
fiduciary issue is one of the brokerage industry's own making.
Schapiro said that the
fiduciary issue remains "really important," and that she's "ready to go" on releasing a request for information to allow the public to help inform a "more detailed" cost-benefit analysis on the agency's fiduciary rule.