Should the industry declare the fiduciary rule officially dead? We don’t think so.
You deserve our professional best. That’s why we certify every financial coach and subject matter expert (SME) on the MFC platform through a rigorous process of due diligence to ensure the fiduciary best practice standard, whether an official fiduciary rule exists.
The Fifth Circuit Court in March 2018 shut down the Department of Labor’s effort to turn the fiduciary rule into law. Also known as the “Conflict of Interest” rule, the fiduciary rule declares that advisors must give conflict-free advice on retirement accounts by placing their clients’ needs ahead of their own.
Fiduciary care is the highest standard of excellence. Two attributes set fiduciaries apart from other practitioners—who only adopt a “suitability” standard of conduct—and they are to:
Possess technical expertise, experience and specialized knowledge to offer advice with due care.
Be bound by an undivided loyalty to their client.
More broadly defined, The Institute for the Fiduciary Standard lays out the six core duties of fiduciary responsibility under the Advisers Act of 1940:
Serve the client’s best interest
Act in utmost good faith
Act prudently — with the care, skill, and judgment of a professional