Success as a Financial Advisor For Dummies

Chapter 5

Surveying the Regulatory Landscape: The Fiduciary Standard

IN THIS CHAPTER

Getting up to speed on your duties and responsibilities

Knowing why clients are often confused about what financial advisors do

Examining federal and state rules and regulations

Becoming familiar with how the industry governs itself

Checking out what’s in store for the future of the industry

The financial advisory industry today is at an evolutionary inflection point. Change is in the air, and it’s being driven by three primary forces:

• Legislation and regulation: In an attempt to protect consumers from charlatans, legislators and regulators at the state and federal levels are passing and enforcing new regulations and standards that often just add to the confusion and uncertainty for both consumers and the industry.
• Technology: New software and systems are providing better support for true fiduciary financial advisors while displacing those who sell products or act as intermediaries (as agents of ...