Most of the ruckus surrounding Dodd-Frank and the SEC's proposed uniform fiduciary standard of conduct has to do with disclosures and prohibited transactions - an advisor's duty of loyalty. But the SEC has done little to define the baseline professional conduct associated with the proposed standard-an advisor's duty of care.
In this second segment of a two-part series (see financial-planning .com or our June issue for part one), we'll further examine what a uniform standard of conduct will look like. The objective is to provide you with the means to benchmark your current financial planning practice against the prospective fiduciary standard. If you're following a traditional, six-step financial planning process, you should be capable of conforming to a fiduciary standard.
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