Planners Fight Back On Fiduciary Standard

Sen. Herbert Kohl has proposed a financial services bill amendment that would apply a fiduciary standard of care to all broker-dealers, registered investment advisors and financial planners who perform financial planning duties.

Kohl, D-Wis., chairman of the Senate Special Committee on Aging, would put all of those broker-dealers, RIAs and planners under the jurisdiction of a new Financial Planning Oversight Board.

The proposed amendment would affect “anybody who holds himself out to the public as a financial planner and provides, or offers to provide, directly to individuals advice with respect to the management of financial assets in not fewer than two areas of financial planning, including—investment planning, income tax planning, education planning, retirement planning, estate planning, and risk management,” according to the amendment text...

L&HIN: Planners Fight Back On Fiduciary Standard