{"id":1758,"date":"2018-09-11T13:12:52","date_gmt":"2018-09-11T18:12:52","guid":{"rendered":"https:\/\/www.rixtrema.com\/blog\/?p=1758"},"modified":"2020-02-22T07:30:27","modified_gmt":"2020-02-22T12:30:27","slug":"fiduciary-hope-a-look-into-the-future-of-the-fiduciary-standard","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/fiduciary-hope-a-look-into-the-future-of-the-fiduciary-standard\/","title":{"rendered":"Fiduciary Hope: A Look into the Future of the Fiduciary Standard"},"content":{"rendered":"

P<\/span>hyllis Borzi is the former Assistant Secretary for Employee Benefits Security of the United States Department of Labor. As the official in charge of the Employee Benefits Security Administration in the Obama administration, she helped draft the now vacated DOL Fiduciary Rule. When asked to consider where the industry and regulators will be on the fiduciary issue, you can understand her pessimism \u201cWhere I think we\u2019ll be on a fiduciary standard in 5 years is sadly in a worse place than we are today,\u201d she says. \u201cI hope I am wrong.\u201d For her complete answer, including the specific reasons why she feels we\u2019ll be worse off, read \u201cWhy Phyllis Borzi is Now Pessimistic On the Plight of a Uniform Fiduciar<\/span>y Standard<\/a>,\u201d\u00a0FiduciaryNews.com<\/em>, September 12, 2018).<\/span><\/p>\n

It\u2019s complicated. It\u2019ll only get more complicated in the future.<\/span><\/p>\n

That being said, it helps to fill in the story with a few more details. \u201cWe live in an increasingly complex world,\u201d says Fred Reish, Partner\/Chair of the Financial Services ERISA Team at Drinker Biddle and Reath in Los Angeles, California. \u201cWhile that applies to life generally, it is specifically true of financial services. As a result, people who work\u00a0<\/span>on financial services, such as broker-dealers and investment advisers, have the advantage of \u2018information disparity.\u2019 In other words, they have so much information about investments and financial services that investors need to rely heavily on their recommendations. As a result, those advisors necessarily hold a position of trust and confidence relative to investors, including fiduciaries of small retirement plans and participants in retirement plans. \u2018Trust and confidence\u2019 is, in a sense, the definition of \u2018fiduciary.\u2019 Because of that, my \u2018fiduciary hope\u2019 for five years from now is that advisors in the financial services world will be held to a standard that investors can justifiably place their trust and confidence in those advisors.\u201d<\/span><\/p>\n

Continue reading here:\u00a0What Will the Fiduciary Standard Look Like in Five Years?<\/a><\/span><\/em><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Phyllis Borzi is the former Assistant Secretary for Employee Benefits Security of the United States Department of Labor. As the official in charge of the Employee Benefits Security Administration in the Obama administration, she helped draft the now vacated DOL Fiduciary Rule. When asked to consider where the industry and regulators will be on the… <\/p>\n

<\/div>\n

Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":1759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[167,180],"tags":[],"class_list":["post-1758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dols-fiduciary-rule","category-plan-fiduciary"],"jetpack_featured_media_url":"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2018\/09\/DOL-RULE-NEW.png","yoast_head":"\nFiduciary Hope: A Look into the Future of the Fiduciary Standard<\/title>\n<meta name=\"description\" content=\"A \u2018fiduciary hope\u2019 for five years from now is that advisors in the financial services world will be held to a fiduciary standard\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rixtrema.com\/blog\/fiduciary-hope-a-look-into-the-future-of-the-fiduciary-standard\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiduciary Hope: A Look into the Future of the Fiduciary Standard\" \/>\n<meta property=\"og:description\" content=\"A \u2018fiduciary hope\u2019 for five years from now is that advisors in the financial services world will be held to a fiduciary standard\" \/>\n<meta property=\"og:url\" content=\"https:\/\/rixtrema.com\/blog\/fiduciary-hope-a-look-into-the-future-of-the-fiduciary-standard\/\" \/>\n<meta property=\"og:site_name\" content=\"RiXtrema.com\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LarkspurRiXtrema\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-11T18:12:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-02-22T12:30:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/rixtrema.com\/blog\/wp-content\/uploads\/2018\/09\/DOL-RULE-NEW.png\" \/>\n\t<meta property=\"og:image:width\" content=\"626\" \/>\n\t<meta property=\"og:image:height\" content=\"625\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:site\" content=\"@RiXtrema\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\">\n\t<meta name=\"twitter:data1\" content=\"2 minutes\">\n<!-- \/ Yoast SEO Premium plugin. -->","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/1758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/comments?post=1758"}],"version-history":[{"count":2,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/1758\/revisions"}],"predecessor-version":[{"id":6143,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/posts\/1758\/revisions\/6143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media\/1759"}],"wp:attachment":[{"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/media?parent=1758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/categories?post=1758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rixtrema.com\/blog\/wp-json\/wp\/v2\/tags?post=1758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}