Fiduciary Duty: An Obligation to Serve

Fiduciary duty requires extensive care and loyalty on the part of the financial adviser. Simply put, brokers and financial advisers have a fiduciary responsibility to act in the best interests of their customers, as well as to provide full disclosure of relevant facts and conflicts of interest (when applicable). Due to states’ ability to draft their own unique fiduciary standards, brokers and financial advisers may find themselves operating in a confusing, contradictory environment.

Establishing a Standard

After Congress passed the Dodd-Frank bill in 2010, the Securities and Exchange Commission was tasked with establishing a uniform fiduciary standard at the federal level for both brokers and financial advisers. Making an already difficult task even more complicated, the Department of Labor (DOL) has proposed its own revision to the regulation redefining what it means to be a fiduciary under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code.

You’re Not Alone

If laws and regulations governing what constitutes a fiduciary duty sound complex, that’s because they are. Fortunately, attorney Joseph H. Spiegel has dedicated his career to assisting brokers and financial advisers throughout Michigan with complicated business law matters.

Call Now & Obtain the Outcome You Deserve

Joseph H. Spiegel PLLC has been representing brokers and financial advisers clients throughout Michigan for over forty years. Call (734) 761-8475 now to speak with a proven business law attorney.