This category excludes securities dealers and commodity contracts dealers, but includes other sellers of financial contracts and could include portfolio managers and those who provide trust, fiduciary and custody services.
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When the client dies, the lawyer-fiduciary hires himself to perform legal services for the estate or trust.
The cost for the services of an investment fiduciary and other plan costs is typically lower than what a plan is currently paying.
Regardless of the level and scope of outsourcing services a committee selects, fiduciary responsibility cannot be delegated.
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Fiduciary practice is so horrifying to financial services industry executives because it forces them to do the right thing and treat people as clients and not targeted customers.
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The very role of a fiduciary to a pension fund is to ensure those providing services to the plan are held accountable.
Many of those bundled providers will also provide investment advisory services as part of the package without formally accepting fiduciary liability for their investment research, recommendations, and ratings.
So how should a fiduciary act, now that the groundwork is laid for incorporating stewardship into the financial services model?
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The fiduciary standard of care is possibly the single most important issue to clients seeking the services of a financial professional.
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But they are outgunned by the massive influence and lobbying dollars of the financial services industry, which has to change its customer relations business model if the fiduciary rule is ever put into place.
If a recordkeeper is delivering services to a plan sponsor as outlined in this regulation that recordkeeper becomes a functional fiduciary.
The result is that few of the companies that provide critical services to pensions, involving high degrees of trust and confidence, operate in a manner consistent with their fiduciary duty.
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