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3 responses to “Is Famed Fiduciary Advocate Ron Rhoades Ready to Concede Defeat?”

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  2. Ron Rhoades

    Chris, thank you for writing and publishing such an excellent summary of my remarks.

    Sadly, I found out recently that, indeed, the SEC is on the path I have feared. The key SEC staffer writing rules under Dodd-Frank Sect. 913 has now stated that the fiduciary standard is nothing more than the suitability standard. See my blog post at: http://scholarfp.blogspot.com/2014/04/incredibly-sec-confirms-its-view.html

    These are sad times – for consumers of investment advisory and financial planning services, for advocates of the fiduciary standard, for those who desire that financial planning become a true profession, and for America itself.

    Wall Street’s money and power, through the SEC’s revolving door, and via Congress’s campaign coffers and revolving doors, poses a formidable obstacle. However, as you suggest this is only one of a series of battles. And this battle is not over.

    While hope for a positive outcome diminishes, it is still a battle worthy of fighting. Hence, the fight will go on. And I will continue to assist where I can, by educating policy makers regarding the reality of the true fiduciary standard and what it requires.

    Yet, as reality begins to set in, already those who continue to desire a true profession founded upon a bona fide fiduciary standard ask: “If the government will not enforce a bona fide fiduciary standard, what next?” The answer to this question may well determine the path to be taken, toward a greater future for all, in the coming years.

  3. Dennis Myhre, AIC

    Chris,

    I re-read this featured story you wrote last year on Ron Rhoades…It’s sad when we lose a strong advocate for a fiduciary standard like Ron Rhoades. I checked out his blog link but it is full of spam….so he must not be monitoring it.

    If you still have contact with him, please ask him review at least the home page sliders on my new website…. It will still be several weeks before the site is fully up and running, but the sliders will interest him…. and perhaps give him renewed interest in his campaign. The lobbyists are alive and well in Washington, DC, and therein lies the influence with the SEC as well. We must stop this fraud and corruption…. soon Congress will enact legislation to force all employers to have a 401(k) plan for their employees, and the employee will also be forced to invest. Under the present standards, the 401(k) marketplace will then experience fraud and corruption that will soon bankrupt the system.

    Thanks,

    Dennis Myhre

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