Financial planners set fiduciary rules with investors in mind

Certified financial planners nationwide plan to adopt tighter rules that, in short, disclose the best interest of their clients in all matters while federal regulation on the issue remains in limbo.

The move, effective October 2019, will apply to 80,000 certified planners. That’s about a fourth of financial planners nationwide, said Charlie Fitzgerald, a CFP with Moisand Fitzgerald Tamayo in Orlando, who serves on the Certified Financial Planner Board of Standards.

“It breaks down into essentially two pieces: Duty of care, and duty of loyalty,” Fitzgerald said.

He said the care standard has long been addressed by continuing-education requirements, but the loyalty factor holds the biggest changes.

Speak Your Mind