August 30, 2010
I am at a loss to understand how a base level of fiduciary responsibility can be perceived as a negative by the government. The Fiduciary standard is only a small first step toward raising the level of professionalism in the industry from the days of pushing stocks on cold calls to actually advising clients on the best way to handle their financial lives.
This is too important a time to defer or delay improving the professionalism of this industry. People need advisors who are willing to put their clients interests ahead of their own. This is the most basic expectation of our clients. There is no reason it should not be required by law.