November 29, 2017
- President, TD Ameritrade Trust Company
Managing Director of Advisor Advocacy & Industry Affairs
Though RIAs and their advocates have for years pounded the table urging regulators to enact a uniform fiduciary standard for both brokers and investment advisors, industry thought leaders at a recent TD Ameritrade Institutional forum considered a new message: Be careful what you wish for.
Recently, we convened our fourth Advocacy Leadership Summit in Washington, with dozens of industry thought leaders engaged in a roll-up-your-sleeves discussion about the best way forward on regulations. We were fortunate to hear from Rick Fleming, the head of the SEC’s Office of the Investor Advocate, who expressed some concern that any harmonization of standards between brokers and advisors would lead to lower, watered-down RIA standards.