11-11-2006, 12:41 PM
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 Re: Fiduciary duty and "selling away" Peter Cooper wrote: - quote - > If you're an Investment Advisor Representative (IAR) working for a
For me to sell away would be to sell an investment to a client and> Registered Investment Advisor (RIA or "Broker Dealer"), and you're > offering fee-based financial planning services, isn't there a conflict > between your fiduciary duty to your client and the NASD rules which > prohibit selling away? I believe that you are mis-understanding the NASD rule of selling away. collect a commission on the sale of that investment. By the way, a "Broker Dealer" and a "Registered Investment Advisor" are 2 separate and distinct registrations. Many Broker Dealers are also Registered Investment Advisors. Broker Dealers (and their Registered Representatives) are held to a "Suitability" standard. Registered Investment Advisors (and their Investment Advisor Representatives, IARs) are held to a higher fiduciary or "client's best interest" standard. - quote - > As an example, if I uncover that the client would be better off moving
of internal rifts. The "Merrill Lynch Rule" specifically omits BDs who> their account to another B/D, aren't I violating the rules against > selling away if I tell them that? The financial services industry is currently suffering from from a lot are also RIAs from a fiduciary standard. See http://www.prudentllc.com/download/O...%200520061.pdf for more info... |
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#-1
11-10-2006, 06:03 PM
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| Fiduciary duty and "selling away" If you're an Investment Advisor Representative (IAR) working for a Registered Investment Advisor (RIA or "Broker Dealer"), and you're offering fee-based financial planning services, isn't there a conflict between your fiduciary duty to your client and the NASD rules which prohibit selling away? As an example, if I uncover that the client would be better off moving their account to another B/D, aren't I violating the rules against selling away if I tell them that? |
| Tags |
| duty, fiduciary, selling away |
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