It's Official: Your Clients Are Confused - SEC/RAND Study Confirms Obvious; Impact Unclear

April 2008

A new RAND Corporation study seems sure to provide ammunition to both the broker/dealer and the financial planning communities in their debate over whether brokers who manage fee-based accounts should be held to the same fiduciary standards as registered investment advisors (RIAs) and financial planners. On the one hand, the study showed that most clients are satisfied with the service provided by both broker/dealers and advisors. But the research also indicated that investors would not knowingly give control of their money to intermediaries who weren't held to the higher standard.

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