Does Rhoads Lucca accept Fiduciary Duty to its clients?
Absolutely. Just what does it mean to be a fiduciary and deal fairly with clients? This has been discussed since 1940, when the Investment Advisors Act became law and placed Registered Investment Advisors under fiduciary responsibility. The definition of this term has been used in a variety of ways over the decades. Further, most investors do not understand the differences between the “suitability standard” brokers are under and true “fiduciary duty” that Registered Investment Advisors are held to. Recently, the Committee for the Fiduciary Standard developed a five point statement of principles delineating what it means to deal fairly with a client. Here they are: 1. Put the client’s best interest first; 2. Act with prudence – that is, with the skill, care, diligence and good judgment of a professional; 3. Do not mislead clients; provide conspicuous, full and fair disclosure of all important facts; 4. Avoid conflicts of interest; and 5. Fully disclose and fairly manage unavoidable conf
