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Harold Evensky to SEC: Employ the ‘YOU’ Standard in Fiduciary Rule

‘Achilles’ Heel’ of the current regulatory system is ‘the public’s belief that all professionals providing investment advice place their interest first’

By Melanie Waddell, AdvisorOneMarch 22, 2013

High-profile planner Harold Evensky says the Securities and Exchange Commission, as part of its fiduciary rule, should require anyone providing personalized advice to provide a “mom and pop” statement describing the advisor’s responsibilities.

In response to the SEC’s March 1 request for data regarding the costs and benefits of the current standards of conduct for broker-dealers and advisors, Evensky left told the agency in his March 8 comment letter—one of four the agency has received thus far—that the “Achilles Heel” of the current regulatory system is “the public’s belief that all professionals providing investment advice place the client’s best interest first, coupled with an inappropriate allocation of responsibility; i.e., ‘where the buck stops.”’

read the complete article here:  Harold Evensky to SEC: Employ the ‘YOU’ Standard in Fiduciary Rule.

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