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2 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.

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