How Manipulative Language Muddied the Meaning of Advice

Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

This article, the first in a two-part series, discusses the challenges facing advice; the next article discusses how advisors can help implement solutions.

Reg BI, form CRS and the interpretation of Investment Advisers Act of 1940 were shot out of the SEC canon on April 18, 2018. Four years and four months later, those regulatory reforms have tragically disfigured investment advice. Fiduciary advice is unrecognizable in 2022.

The classical notion of 1940 investment advice has been hijacked and replaced by the SEC with a weak, distant cousin. That cousin, literally, openly struggles with how to regulate purveyors of commissioned, complex, expensive and opaque products.

Welcome to Fiduciary September 2022, the largest annual conversation of fiduciary advisors and experts in the country focused on the importance of fiduciary advice.

The Fiduciary September 2022 conversation starts with this op-ed article and continues through September 30, when Bob Veres holds his Inside Information conference in Salt Lake. 30 speakers on nine panels will discuss the state of, challenges facing and solutions for advice and planning. See the program and join the conversation.