- Fiduciary September
- Frankel Prize
- Jack Bogle
“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
The Institute for the Fiduciary Standard
Welcome to the Institute for the Fiduciary Standard!The Institute is a nonprofit formed in 2011 to benefit investors and society through its research, education and advocacy of the fiduciary standard's importance to investors, our capital markets and economy. Six key fiduciary duties embody the fundamental elements of an investment fiduciary’s responsibility.
These six key duties generally describe what it means to put investors’ best interests first. They also describe what most investors believe (according to numerous independent studies) all advisors are supposed to do. Unfortunately, this is not true. Only Registered Investment Advisers are required to meet the fiduciary standard, follow the six key duties and put the best interests of investors first… More
- * Serve the client’s best interest
- * Act in utmost good faith
- * Act prudently – with the care, skill and judgment of a professional
- * Avoid conflicts of interest
- * Disclose all material facts
- * Control investment expenses
Press ReleasesFeb. 3, 2012 - Volcker, Levitt and Gensler Lead Discussion at John C. Bogle Legacy Forum
- Bogle: A “Crying Need for the Fiduciary Standard”
Knut A. Rostad | President of the Institute for the Fiduciary Standard
Marion Asnes | Managing Director, Chief Marketing Officer of Envestnet
Philip Chao | Principal and founder of Chao & Company, Ltd.
Maria Elena Lagomasino (Mel) | CEO of GenSpring Family Offices
Kathleen M. McBride | Founder of McBride & Company
Jim Patrick | Managing Director of Envestnet
Michael Zeuner | Senior Executive Partner of GenSpring Family Offices
Why an InstituteThe rationale for an Institute for the Fiduciary Standard is straightforward: The fiduciary standard is important, representing ideas central to our form of government and free market economy; it is under significant pressures from market forces that could sharply limit its reach; no other entity is solely focused on preserving and promoting the fiduciary standard. More...