Private Asset Management

Fiduciary Standard Debacle and Knowledge Is Power 01/14/2010

PAM's Kristen Oliveri

Debate is heating up regarding the potential implementation of a fiduciary standard on wealth management advisors. Michael Chasnoff, president and ceo of Truepoint Capital, noted that although many advisors may be moving towards using a fiduciary standard, it’s hardly the norm in the industry. For example, many brokerage shops have a less strict standard that focuses more on “suitability” and may only push products that they merely deem suitable, but not a perfect fit. Sure, they can sell their own bonds from their inventory if a client needs some fixed income exposure, but have they done their duty if ...

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