For months, the Securities and Exchange Commission has struggled to keep a problematic “F-word” out of proposed rulemaking regarding professional advice for retail investors: “fiduciary.” Now, with a 16-3 vote by members of its Investor Advisory Committee, a more fiduciary-focused set of standards might be in the offing. It is urging that forthcoming rulemaking “be characterized explicitly as, a fiduciary duty.”
George Michael Gerstein advises financial institutions on the fiduciary and prohibited transaction provisions of ERISA. As co-chair of the fiduciary governance group, he assists clients with tracking, and understanding, the numerous fiduciary developments at the federal and state levels, including the rules and regulations of governmental plans. He also advises clients with respect to the fiduciary duty implications of ESG investing.