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The majority of financial advisors and brokers understand the concept of a fiduciary standard, and are onboard with the idea, according to a survey by U.S.-based asset manager SEI.

The survey found that 86% of advisors and 53% of brokers agreed that all financial professionals “should be required to meet the fiduciary standard.”

“As practitioners and policymakers vigorously debate the future of regulation in the financial industry, SEI felt strongly that a true barometer of on-the-street sentiment was needed,” said Jerry Lezynski, head of marketing and communications for the SEI Advisor Network. “The poll results indicate that the fiduciary standard is both supported by brokers and advisors and its key components are clearly understood.”

There was some dissent, however, with 27% of brokers disagreeing with the fiduciary standard and 19% were undecided.

“It’s important that policymakers note the disconnect between the keen understanding and support many brokers have expressed through this survey, compared to the longstanding opposition the securities industry has expressed,” said Knut A. Rostad, chairman of the Committee for the Fiduciary Standard. “In many ways, the results are startling.”

In terms of understanding the standard, 80% of brokers and 98% of advisors said they understood is “fairly well” or “very well.” The majority (61% of brokers and 89% of advisors) said they should not be allowed to ask clients to waive the fiduciary standard.

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Standard Life offers corporate class funds

Standard Life Mutual Funds has announced it will launch a series of corporate class mutual funds on or about January 11, 2010. The corporate class structure will include 17 different share classes.

“Standard Life Mutual Funds already allow investors to build diversified portfolios comprised of some of the most promising investment opportunities from around the world,” said Denis Berthiaume, Standard Life’s senior vice-president of retail markets. “With Standard Life Corporate Class, advisors and their clients can now enjoy all the benefits of our traditional mutual fund line-up, with an added layer of tax-efficiency.”

Assets of the corporate class funds will be managed by Standard Life Investments Inc.

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Fuller Landau names 4 Montreal partners

Montreal business advisory firm Fuller Landau has named four new partners to the practice.

Barbara Mutch, Yaffa Cohen and Suzanne Bertrand have been made partners in the audit and consulting side of the practice. Joanne D’Arsigny was made partner on finance and administration.

“They are key players on a strong team that will take our business to the next level,” says Michael Newton, CA, Managing Partner at Fuller Landau LLP (Montreal). He went on to praise the four as examples of talent rising from within the firm.

Fuller Landau provides audit, tax management and financial advice to businesses.

(12/02/09)