Archive - April 9, 2019

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Disclosures Are Not Sufficient To Fulfill The Fiduciary Duty

Disclosures Are Not Sufficient To Fulfill The Fiduciary Duty

Investment News’ Fiduciary Corner had an excellent article by Blaine F. Aikin, executive chairman of fi360, entitled “Can investment advisers disclose away all conflicts?” The entire article is worthy of careful reading as Aikin outlines one of the central challenges to the Securities and Exchange Commission’s failed experiment of relying on disclosures and informed consent to protect consumers in the United States. As Aikin writes:
Disclosures are always necessary but rarely sufficient to fulfill fiduciary obligations. …As important new guidance, the SEC notes that some complex or extensive conflicts may defy adequate disclosure, thereby depriving clients of the
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