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Tool helps advisors evaluate fiduciary best practices

Advisors can get help determining if their practice adheres to a best-interest standard by using a self-assessment tool developed by the Institute for the Fiduciary Standard, reports Financial Planning. See the story below. Also, the SEC Investor Advisory Committee has approved recommendations to make fees in mutual funds more transparent to consumers, according to InvestmentNews. One recommendation is to disclose fees in dollar amounts on account statements. Read more below.

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A New Self-Assessment Tool for Advisors

By Kenneth Corbin                                           Source: Financial Planning

With fiduciary standards in sharp focus across the wealth management industry, the Institute for the Fiduciary Standard has developed a self-assessment tool advisors can use to evaluate whether their practice adheres to a best-interest standard that puts clients’ interests first. The institute is issuing the tool to help advisors benchmark their activities against the fiduciary best practices the organization has been developing.

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SEC Investor Advisory Committee calls for better mutual fund fee disclosure

By Mark Schoeff Jr.                                         Source: InvestmentNews

An advisory group told the Securities and Exchange Commission on Thursday to consider increasing transparency of mutual fund fees. In a unanimous vote, the SEC Investor Advisory Committee approved a recommendation for disclosure of fees in dollar amounts on customer account statements. In a second recommendation, the panel said the SEC should look for ways to put the cost information into market context — high, low or average — and explain how the costs will affect total accumulation.

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