In response to the SEC's decision to proceed with a uniform fiduciary standard, Envestnet Inc. has aligned itself in favor of the decision, saying it presents advisors with an opportunity to show clients that they adhere to high standards of care.
The new report "reflects the profound opportunity before advisors who adhere to a clear fiduciary standard of care," said James Patrick (left), Envestnet's managing director for Advisor Managed Programs, in a statement. "Advisors who enhance their practices and more visibly align with the best interests of clients can solidify relationships, broaden their appeal to investors and deliver more comprehensive services."
The Securities and Exchange Commission on Friday released its study mandated under Section 913 of the Dodd-Frank Act and told Congress that it would move forward in creating a new uniform fiduciary standard of care for broker-dealers and investment advisors when providing advice to retail customers.
