Michael Kitces’ Post

I'm in NJ, and recently joined XYPN. Does anyone know when the comment period on this concludes?

Amen

Obviously, without the benefit of being in the USA and closely monitoring, this part I agree with ... State vs. federal regulations. State rules that differ from national standard for broker-dealers create a patchwork of different regulations. “We serve clients in 21 states and those clients frequently move,” said Jim Parks, an LPL advisor and president and wealth advisor at Parks Wealth Management in Wykoff, New Jersey. “If our advice and our services have to vary from state to state, it will be very confusing to our clients and will require very substantial increased costs that they should not have to bear.” When I first moved from Australia to USA, the significant differences across state lines was confusing and frustrating (e.g. cell phone standards/coverage). Likely easier said than done, given the current political climate, but a national best interest duty that provides consistency across the country is what’s required.

Looking forward to the next stage, when states and regulators require a fiduciary caliber risk tolerance assessment process, which separately (and objectively) measures a client's ability (capacity) to take risk from their willingness to accept risk. For the forward thinking fiduciaries, Tolerisk is here to help!

We’re ready.

Here’s my imaginary testimony at that hearing...”when there are this many people professionally lobbying on behalf of large corporations against a rule that tries to put client interests first, red flags should be going up everywhere.” Mic drop.

Add Kolinsky Wealth to that list Michael Kitces! Acting as a Fiduciary just makes sense!!!

When you put the client’s interest first at all times, where you live or what new laws are passed doesn’t impact your ability to help people with their finances. As a fiduciary planner/advisor, I’m delighted to help anyone who’s getting ditched too!