Fiduciary Standard: Burden Or Innovation Opportunity?
The conversation about the fiduciary standard, i.e., worrying about the new burden of disclosure, could be missing an important point.
We are expending a great deal of energy wondering who should be considered fiduciaries and for what services the standard should cover.
For example, should people who sell fixed products or term insurance be fiduciaries? Should it only be people who sell securities? Should it be people who get paid fees versus commissions, or both? Is it those who have certain licenses, or those who have certain kinds of relationships with the end client? Should it be those who only recommend products, or those who advise the client what to do with their money?
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