Insights from the experts in investment fiduciary responsibility.

Fiduciary Links: Is a National Association of Registered Agents and Brokers in our Future?

Posted by on March 25, 2013

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>>>>While sorting out how the SEC, FINRA, the states, or other will be overseeing advisors in the future continues to drag out indefinitely, Congress may be fast tracking a new organization into the insurance oversight chain. In a hearing last week, the Senate Banking Committee heard testimony on proposed legislation that would create the National Association of Registered Agents and Brokers. The organization would allow insurance agents and brokers to register with the organization in order to be licensed to sell products in all states. Some are likening this to a self-regulatory organization, while supporters say it merely streamlines what can be an onerous and costly administrative function of registering in every state the broker want to conduct business. InvestmentNews has the full story.

>>>A survey from Russell Investments found that only 31% of advisors have an IPS for all of their clients. As an organization that teaches having a well-formulated investment policy statement is one of the single most important components of the fiduciary process, it is always discouraging to see this kind of news. The survey further found a similar number of advisors reported being asked by clients to deviate from the agreed upon investment strategy, exactly one of the negative investor behaviors an IPS can help prevent. A few years ago, Blaine wrote in his Fiduciary Corner column how changes to investment strategy need to be handled via the IPS. While the column focuses on making changes to the investment strategy, you can see how the very conversation itself can help refocus a client on the purpose for the portfolio and prevent rash decisions.

>>>This is your last week to complete the annual fi360-AdvisorOne Fiduciary Standard Survey. If you haven’t already done so, please take a few minutes to complete the survey. It will help us track trends regarding the fiduciary standard and help AdvisorOne generate some coverage of fiduciary issues.

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