{"id":7195,"date":"2020-10-28T08:01:00","date_gmt":"2020-10-28T12:01:00","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=7195"},"modified":"2021-02-15T01:26:08","modified_gmt":"2021-02-15T06:26:08","slug":"why-is-wall-street-fighting-fiduciary-standards-for-sales-reps","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/","title":{"rendered":"Why is Wall Street Fighting Fiduciary Standards for Sales Reps?"},"content":{"rendered":"\n<p>Wall Street firms employ or license hundreds of thousands of sales representatives. &nbsp;Wall Street does not want these reps locked out of the retirement asset market (401ks, IRAs). &nbsp;Wall Street also does not want these sales representative held to higher ethical standards that could negatively impact company revenues. Consequently, <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" rel=\"noopener noreferrer\" href=\"http:\/\/blog.paladinregistry.com\/wall-street\/weighing-in-politicians-protect-wall-street-executives\/\" target=\"_blank\">Wall Street is spending millions of dollars<\/a><\/span><\/strong> fighting a higher ethical standard that requires it to do what is best for investors. It is in your best interest to spend a few minutes learning about ethical standards that impact your financial advisor.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_68_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ed45a41f19b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ed45a41f19b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#Department_of_Labor\" title=\"Department of Labor\">Department of Labor<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#What_is_a_Fiduciary\" title=\"What is a Fiduciary?&nbsp;\">What is a Fiduciary?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#Who_are_the_Fiduciaries\" title=\"Who are the Fiduciaries?\">Who are the Fiduciaries?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#Who_are_the_Non-Fiduciaries\" title=\"Who are the Non-Fiduciaries&nbsp;\">Who are the Non-Fiduciaries&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#What_is_a_Fiduciary_Standard_of_Care\" title=\"What is a Fiduciary Standard of Care?&nbsp;\">What is a Fiduciary Standard of Care?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#What_is_a_Non-Fiduciary_Standard_of_Care\" title=\"What is a Non-Fiduciary Standard of Care?&nbsp;\">What is a Non-Fiduciary Standard of Care?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#What_About_the_Hybrids\" title=\"What About the Hybrids?&nbsp;\">What About the Hybrids?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#Retirement_Assets_Only\" title=\"Retirement Assets Only\">Retirement Assets Only<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.paladinregistry.com\/blog\/wall-street\/why-is-wall-street-fighting-fiduciary-standards-for-sales-reps\/#Now_You_Know\" title=\"Now You Know!\">Now You Know!<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Department_of_Labor\"><\/span><strong>Department of Labor<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The DOL has proposed that all financial advisors and sales people who provide advice for retirement assets in qualified retirement plans and IRAs be held to a fiduciary standard of care.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Advisors provide financial advices and services for fees<\/li><li>Sales people sell investment products for commission<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Fiduciary\"><\/span><strong>What is a Fiduciary?<\/strong><strong>&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A fiduciary is a person or firm that holds a position of trust.<\/p>\n\n\n\n<p>In this case, <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" href=\"http:\/\/blog.paladinregistry.com\/advisors-2\/how-to-know-if-your-financial-advisor-is-a-real-investment-expert\/\" target=\"_blank\" rel=\"noopener noreferrer\">you trust your financial advisor to provide competent, ethical advice that is always in your best interest<\/a><\/span><\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_the_Fiduciaries\"><\/span><strong>Who are the Fiduciaries?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Financial fiduciary status is based on the registration of the professional or firm.<\/p>\n\n\n\n<p>There are two types of fiduciaries:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Registered Investment Advisors (Firms)<\/li><li>Investment Advisor Representatives (Professionals)<\/li><\/ul>\n\n\n\n<p>RIA and IAR registrations permit firms and advisors to provide financial advice and ongoing services for fees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Who_are_the_Non-Fiduciaries\"><\/span><strong>Who are the Non-Fiduciaries<\/strong><strong>&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Non-fiduciaries also have two types of licenses:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Broker\/Dealers (Firms)<\/li><li>Registered Representatives (Professionals)<\/li><\/ul>\n\n\n\n<p>These licenses permit B\/Ds and reps to sell investment products for commission. Non-fiduciaries are not permitted to provide financial advice or ongoing services for fees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Fiduciary_Standard_of_Care\"><\/span><strong>What is a Fiduciary Standard of Care?<\/strong><strong>&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Fiduciary is the highest ethical standard in the financial service industry. Firms and professionals are required to always put client needs ahead of their own.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Non-Fiduciary_Standard_of_Care\"><\/span><strong>What is a Non-Fiduciary Standard of Care?<\/strong><strong>&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Non-fiduciaries are held to a lower standard of care that is called suitability.<\/p>\n\n\n\n<p>Broker\/dealers and their representatives are supposed to make suitable recommendations based on their knowledge of investor circumstances, requirements, risk tolerance, and investment horizon.<\/p>\n\n\n\n<p>Why is this a lower standard? Suitability is a deliberately vague standard that is difficult to enforce. For example, three stockbrokers could evaluate the needs of an investor and make three totally different recommendations \u2013 and, all three would be suitable.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_About_the_Hybrids\"><\/span><strong>What About the Hybrids?<\/strong><strong>&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You should also be aware some advisors are IARs (advice for fees) \u201cand\u201d registered representatives (sales for commission). Make sure you ask advisors if they are acting in a fiduciary capacity when they provide financial advice and services. Another way to make this determination is to ask the advisors how they are compensated. They are fiduciaries if the answer is fees. They are non-fiduciaries if the answer is commission.<strong>&nbsp;<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Retirement_Assets_Only\"><\/span><strong>Retirement Assets Only<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You may have noticed the DOL rule only applies to retirement assets that are held in 401k plans and IRAs. The DOL has no jurisdiction over personal assets that are held in taxable accounts. <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" rel=\"nofollow noopener noreferrer\" href=\"http:\/\/www.finra.org\/\" target=\"_blank\">FINRA (Financial Industry Regulatory Authority)<\/a><\/span><\/strong> and the <strong><span style=\"color: #0000ff;\"><a style=\"color: #0000ff;\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/www.sec.gov\/\" target=\"_blank\">SEC (Securities and Exchange Commission)<\/a><\/span><\/strong> are supposed to protect you from unethical business practices and bad investment products.<\/p>\n\n\n\n<p>The protection is limited for two reasons:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>FINRA is funded by Wall Street firms<\/li><li>The SEC is controlled by politicians who are funded by Wall Street firms<\/li><\/ul>\n\n\n\n<p>You are your own when you rely on advisors and sales reps to help you invest taxable assets in the securities markets.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Now_You_Know\"><\/span><strong>Now You Know!<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It makes sense to always select a financial fiduciary as your advisor. This ethical standard does not guarantee competent, ethical advice, but it helps level the playing field between you and financial advisors who generate income from your assets.<\/p>\n\n\n\n<p><em><a href=\"https:\/\/www.paladinregistry.com\/blog\/author\/jack-waymire\/\">Jack\u00a0Waymire<\/a> worked in the financial services industry for 28 years before he left to found the Paladin Registry (<a rel=\"noreferrer noopener\" href=\"http:\/\/www.paladinregistry.com\/\" target=\"_blank\">www.PaladinRegistry.com<\/a>) in 2004. This investor education website was based on the Principles in\u00a0Jack\u2019s first book:<\/em> <em>&#8220;Who\u2019s Watching Your Money?\u00a0The 17 Paladin Principles for Selecting a Financial Advisor.&#8221;\u00a0<br>The Registry also has a free service that matches investors to advisors who meet Paladin\u2019s minimum requirements for competence and trustworthiness.<\/em><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wall Street firms employ or license hundreds of thousands of sales representatives. &nbsp;Wall Street does not want these reps locked out of the retirement asset market (401ks, IRAs). &nbsp;Wall Street also does not want these sales representative held to higher ethical standards that could negatively impact company revenues. Consequently, Wall Street is spending millions of dollars fighting a higher ethical standard that requires it to do what is best for<\/p>\n","protected":false},"author":2,"featured_media":7199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wall-street"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why is Wall Street Fighting Fiduciary Standards for Reps?<\/title>\n<meta name=\"description\" content=\"Wall Street is spending millions of dollars fighting higher ethical &#039;fiduciary&#039; standards that requires it to do what is best for their investors first.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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