News

August 30, 2018 News

Y. David Scharf Authors Article on Why the Fiduciary Rule Still Matters

August 30, 2018 – Morrison Cohen Partner Y. David Scharf authored the article “Why the Fiduciary Rule Still Matters for Financial Advisors”that appeared in Wealth Management on August 24, 2018.

David asserts that although the Department of Labor’s fiduciary rule was revoked by the Fifth Circuit Court of Appeals, its spirit and intent will live on.  Many large investment banks and investment advisors welcomed the fiduciary rule and a significant number of the big and reputable banks and advisors have indicated they will maintain a fiduciary rule standard for the advice they provide, even though it no longer has regulatory force, as a way to promote consumer confidence in their services.

The proposed rule resulted in a more aware investing consumer and has altered the landscape for financial advisors.  Adhering to tenets of the fiduciary rule provides a competitive advantage in the market and is an opportunity to reinforce relationships with clients.

Link to article:  “Why the Fiduciary Rule Still Matters for Financial Advisors