SEC Report: Uniform Fiduciary Standard Needed for Brokers, Advisers

- fi360 Supports Findings by SEC Staff on Fiduciary Standard -

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Jan 24, 2011, 10:33 ET

PITTSBURGH, Jan. 24, 2011 /PRNewswire/ -- Fiduciary360, (fi360), the premier organization for fiduciary education, investment analytics, support services and industry insights for financial professionals, today released its response to the SEC's finding on the need for a Fiduciary Standard. The SEC was required by Dodd-Frank (section 913) to review and report back to Congress on the issues regarding differences between broker and adviser regulation. In the report, SEC staff recommends the need to essentially expand the existing fiduciary standard for investment advisers to brokers.

"Fi360 applauds the comprehensive work and analysis undertaken by the Securities and Exchange Commission staff in reaching the conclusion that a strong fiduciary standard, built upon centuries of case law in practical application, is paramount to protecting the interests of retail investors," said Blaine Aikin, CEO of fi360. "We applaud the SEC who, having heard from all sides of this long and contentious debate, have determined that the nature of a fiduciary duty requires not only effective disclosure, but other duties of care and loyalty to ensure that the advisor acts solely in the client's best interests. Fi360 offers its strong support and willingness to assist the Commission in maintaining the traditional common-law fiduciary standard of conduct in any future rulemakings.

About fi360

Fi360 offers a comprehensive approach to investment fiduciary education, practice management and support that has established them as the go-to source for investment fiduciary insights. With substantiated Practices as the foundation, fi360 offers world-class fiduciary Training/Education, Tools and Resources that are essential for fiduciaries and those who provide services to fiduciaries to effectively and successfully manage their roles and responsibilities. Fi360 assists those who rely on their fiduciary education programs, professional AIF® and AIFA® designations, Web-based analytical and reporting software and resources to achieve success. For more information about fi360, please visit www.fi360.com or Twitter: @fiduciary360.

For more information and commentary on the SEC's study, visit the fi360 blog: http://blog.fi360.com/fi360_blog/2011/01/fi360-comments-on-the-sec-fiduciary-study.html

SOURCE fi360