Iíve been indulging my guilty pleasure lately by reading about the SECís complicated history with the fiduciary standard. Ron Rhoades of Alfred State College (and chairman of the Committee for the Fiduciary Standard) and W. Scott Simon, author of The Prudent Investor Act: A Guide to Understanding, have been blogging about this extensively, but hereís the CliffsNotes version: When the SEC was created, there was no question that the intent was to separate brokers and stock touts from ďhonest advisorsĒ in the nationís regulatory scheme.†
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