Advisor Groups, Investor Advocates Urge Main Street Investors, “Show Your Swagger” when Seeking an Objective Financial Advisor
Phyllis C. Borzi and other fiduciary voices to talk about fiduciary standards and Reg BI problems
February 28, 2019 [Washington, D.C.] – Professional journalists are invited to join a group of investor advocates and fiduciary advisor groups for a virtual press conference on March 6, 2019 at 3:00 pm ET.
This important press briefing will bring leading fiduciary voices and investor advocates together to discuss how investors must “show their swagger” and protect themselves. The SEC’s final Reg BI rule is expected soon. While called a “best interest” rule – it’s expected to generally following sales suitability rules.
Problem: All brokers and advisors claim the “Best Interest” white hat.
Solution: Investors must take care of themselves. In evaluating advisors or brokers, they must distinguish fiduciary advisors who are paid by clients from sales reps who are paid by financial companies to distribute products. This panel of experts will tell the journalists attending what the general public can do.
Press Conference Details
What: Virtual Press Conference with statements from investor advocate and advisor leaders on the need for and ways Main Street investors can protect themselves from bad advice and biased financial advisors
When: March 6, 2019 at 3:00 PM ET
Where: GotoWebinar (virtual meeting)
Topics that will be covered
Why an “Investor Swagger”?
Opening comments from: Knut Rostad, The Institute for the Fiduciary Standard
Example from the home loan credit industry:
The Myth of “Investor Confusion.”
An Institute paper points out that SEC’s own research shows investors are clear and specific – not uncertain or confused – about what they want in a financial advisory relationship.
What investors should require from their advisor.
Statements from the following groups and individuals (scheduled speakers as of 2-28-19):
- Phyllis Borzi – Assistant Secretary at the Department of Labor (DOL) of the Employee Benefits Security Administration (EBSA) from 2009 to 2017
- National Association of Personal Financial Advisors (NAPFA)
- Alliance of Comprehensive Planners (ACP)
- The Committee for the Fiduciary Standard
- Garrett Planning Network
Introduction of a new online resource center for the general public
Closing comments from: Marie Swift, Impact Communications
A new website for all organizations associated with this effort, to feature materials, news, coverage. The main objective is to offer assistance and guidance to investors.
Impact Communications, Inc.