- Fiduciary September
- Frankel Prize
- Jack Bogle
- Best Practices
Fiduciary September 2013
Welcome to Fiduciary September. The Institute celebrates Fiduciary September to highlight the indispensable role fiduciary principles serve in preserving trust and confidence in our capital markets. It includes:
- Urging Congress and the SEC to apply the fiduciary standard and the six core fiduciary duties to all professionals rendering investment advice.
- Urging industry participants to embrace fiduciary duties when investment advice is rendered.
- Educating investors about the sharp differences between fiduciary advisors and sales brokers.
Fiduciary September Events
Fiduciary September includes events and actions aimed to highlight the importance of fiduciary principles in preserving trust and confidence in our capital markets. Fiduciary September events and activities in 2013 will include the following:
- September 5 2:00 PM ET – 3:00 PM: Educational Conference Call conference call on 401 (k) fees / expenses and . Jeffrey Turner from EBSA, DOL; John Rekenthaler from Morningstar; Edward Lynch from Fiduciary Plan Governance; Kate McBride, Institute for the Fiduciary Standard.
- September 9: A white paper on The Six Core Fiduciary Duties the Institute identifies as essential to the fiduciary standard.
- September 12: Meetings on the Hill. Coordinated by Kate McBride and Ron Rhoades.
- September 16: “Why Fiduciary Duties Matter” an interview by Marion Asness with Boston University Professor Tamar Frankel on the vital role of fiduciary principles and practices throughout history and today.
- September 26 2:00 PM ET: Conference call to discuss new research on American attitudes toward Wall Street, attitudes of the financial professionals working on Wall Street and potential remedies for investor distrust.
- September 27, 2013 – The September 26th conference call on Wall Street and trust can be downloaded here.
- September 25, 2013 – In a new blog, Knut A. Rostad discusses new research on American attitudes toward Wall Street. Read blog here.
- September 24, 2013 – Join the Institute on a conference call to discuss new research on American attitudes toward Wall Street, attitudes of the financial professionals working on Wall Street and potential remedies for investor distrust on September 26th. Details provided here. Papers by Karlyn Bowman from the American Enterprise Institute and Jordan A. Thomas from the firm Labaton Sucharow will be discussed during the call.
- September 9, 2013 – Six Core Fiduciary Duties for Financial Advisors(Document)
- September 3, 2013 – Institute Celebrates Fiduciary September 2013 (press release)
- August 29, 2013 – Join the Institute on an educational conference call about 401 (k) fees / expenses on September 5th. Details provided here.
- ThinkAdvisor – Sept. 26: 5 Years Later, Consumers Still Don’t Trust Wall Street
- Kitces – Sept. 14: Fiduciary September kicks off Kitces must “Weekend Reading” for September 14, 15.
- ThinkAdvisor – Sept. 12: 65-Year-Old SEC Ruling Shines Clear Light on Fiduciary Standard
- Ria Biz – Sept. 9: DOL credits itself for notable evolution in the 401(k) industry — not without criticism
- ThinkAdvisor – Sept. 4: September Surprise: Fiduciary Supporters Lobby the SEC
- The Motley Fool – Sept. 4: Now Is the Time for the Fiduciary Standard
- ThinkAdvisor – Sept. 3: Rostad Kicks Off Fiduciary September
- ThinkAdvisor – Sept. 3: In a Watershed Year for Fiduciary Standard, Reviewing the Arguments
“We do support the extension of a fiduciary standard to broker/dealer registered representatives who provide advice to retail investors.”
–Testimony by Lloyd C. Blankfein, Chairman and CEO, The Goldman Sachs Group, Inc. to the Financial Crisis Inquiry Commission, January 13, 2010
"I would like to suggest we imagine our industry in a new way... [and] do right by our clients by embracing our fiduciary responsibility."
–Sallie L. Krawcheck, President, Global Wealth & Investment Management, Bank of America / Merrill Lynch, April 22, 2010, Remarks to the Securities Industry and Financial Markets Association
“The law gives the [SEC] the authority to establish a new standard of care…’no less stringent than’ the Investment Advisers Act…to ensure that the new standard would not be a ‘watered down’ version of the investment advisors’ fiduciary standard.”
–Rep. Barney Frank, House Committee on Financial Services, May 31. 2011