Why I disagree with Don Trone's characterization of Obama's fiduciary stance as 'punitive'
The essential component of fiduciary duty -- loyalty -- is what separates the advisor from the salesperson, according to fellow fiduciary advocate Ron Rhoades
I don’t see Ron Rhoades and Don Trone as having conflicting opinions. Don is just worried about execution and so is Ron. The devil is always in the details. It is wise to keep vigilant. Glad they both are watching this carefully.
Financial advice has a fiduciary standard of care. Sales recommendations have a suitability standard of care. It is a differentiating characteristic that separates real advisors and salesmen. Not one investor in a thousand knows this difference exists. Wall Street has done a masterful job blurring the distinctions. It is up to the RIAs and IARs to create value for a relationship that is based on fiduciary principles. Investors may be better-off in the future, but advisors will lose an important differentiating characteristic.
A. Fabian Garces-A
Ron, though I appreciate your commentary, I can’t help to think about the infamous words of Nancy Pelosi “You first have to pass it before you can see what is in it”. I would like to suggest that if we have not learn by now… I am very surprise that you are willing to “wait and see…” please revisit the multiple video clips about Jonathan Gruber.