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Custodians defend their records in having RIA backs in battles for the fiduciary standard and against FINRA takeover

TD Ameritrade has publicly made some regulatory efforts for advisors and other say they mostly do it behind the scenes

Author Brooke Southall November 23, 2010 at 5:39 AM
1 Comment
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Nick Georgis: We do not support a SRO for the RIA industry. Schwab has had conversations with SEC staff to share this point of view.

Mike Durbin


Skip Schweiss


Knut Rostad


Dan Bernstein

Stephen Winks

Stephen Winks

November 24, 2010 — 4:08 PM

The custody business is consciously quiet in expressing a preference for regulatory oversight because, like the brokerage business, it is not eager to provide the necessary supporting resources (process, technology, statutory documentation, work flow management, conflict of interest management, expert advisory services support) that makes advice and fiduciary standing safe, scalable and easy to execute. Both custodians and broker/dealers are fearful of fiduciary liability which can only be mitigated by proper broker/adviser resourcing. The custody is correct that in providing such resources they are being prescriptive in their support and thus incur fiduciary liability. This lack of committment to fiduciary standing is a leadership vacuum that the industry must resolve if the best interests of the consumer and the fiduciary standing of the broker/adviser is to be advanced.

The industry is shrinking from its responsibility of managing fiduciary liability and elevating the role and counsel of the adviser. Custodians are enablers as are broker/dealers. Who has the vision, the know how and courage to lead?


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