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Merrill Lynch jumps on the fiduciary bandwagon in retirement plans but critics see lingering conflicts

Morgan Stanley, UBS and Wells Fargo Advisors already went this route but can wirehouses really deliver strict fiduciary care?

Author Lisa Shidler April 3, 2012 at 3:59 AM
no description available
Michael Francis: It's my belief that they shouldn't be fiduciaries because they can't be according to the way the law is set up.

Frederick Van Den Abbeel

Frederick Van Den Abbeel

April 4, 2012 — 12:42 AM

Adhering to a fiduciary standard requires a lot of prudent care and supervision. Will be interesting to see how large brokerage firms with thousands of Advisors develop systems, procedures in place to insure the transactions Advisors are taking follow the fiduciary standard of care. Thousands upon thousands of transactions each and every day — seems a lot to manage. Do they hire extra staff, develop new computer systems, require more forms, extra Advisors training to manage it all? If current system in place have always adhered to the “Suitability Standard” I wonder what core operating systems might need to chage to adhere to a Fiduciary Standard?

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Infamous stockbroker resolves civil suit stemming from violent tirade -- the apparent final chapter in an incident that went viral and forever branded him the 'Fairfield Smoothie Guy'

Broker Jim Iannazzo went all out with high-powered attorneys and slick Las Vegas crisis pr team to limit the damage from his actions, but whether he can ever live down the incident remains to be seen.

September 1, 2022 at 5:11 AM

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