Markets Need a Single, Official Definition of “Fiduciary”
November 7, 2017 | David Trainer | WealthManagement.com
Regulators need to put forward a unified definition of fiduciary duty so that investors and advisors can have a fully informed debate on the matter.
What is a fiduciary?
Investors, advisors, and regulators have spent years arguing over who should be classified as a fiduciary, but few ask what that fiduciary status means. Everyone seems to assume that there is an official and commonly understood definition. In reality, there are several fuzzy and sometimes contradictory definitions of the term applied by different people and organizations.
