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Why the New York Times fiduciary article won't deter the special interests

Consumer-protection regulations rarely get stiffer in the legislative process

Author Ron Rhoades, Guest Columnist March 5, 2010 at 6:26 PM
1 Comment
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Ron Rhoades: Arguably, language in the Johnson Amendment provides the SEC with the authority to craft whatever rules it wants to.

Ron Rhoades

Stephen Winks

Stephen Winks

March 6, 2010 — 8:37 PM

Ron’s assessment is brilliant and absolute, so where will fiduciary standing be supported and even stregnthened?

We are in need of a fee market advisory services solution divorced from brokerage conflicts. Given it does not look good for a brokerage or insurance fiduciary solution we must now turn to either: (1) banks superceding brokerages (employee, custody and contract vendor models) in being responsive to the advisory services needs of the advisor or (2) a new type of large scale advisory services support firm which is not defined by brokerage or conflicts of interest.

Both these promising solutions require the construction of a highly structured easy to manage and execute support infrastructure which can safely accomodate advisors more entrapraneurial than conventional bank employees in trust, advisory and brokerage.



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