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Clark At Large 

Bob Clark, editor-at-large for Investment Advisor and its former editor-in-chief, is never at a loss for words, or opinions for that matter, on the issues that concern the planning profession. Bob's weekly blog will not only provide another outlet for his creativity, but will give readers more thought-provoking wit and wisdom from someone who's seen it all.

Recent Posts

Mon, 30 Aug 2010
In case you’ve been vacationing on Mars this summer, here’s your wakeup call to get your comments into the SEC on its pending “Study Regarding Investment Obligations of Brokers, Dealers, and Investment Advisors.”  The comment period ends Monday, August 30, so you don’t have more time to craft your poignant thoughts. (To make your comments online, [...]
Mon, 23 Aug 2010
Somebody much smarter than I am observed that many of the problems we have in America stem from the fact that we are governed largely by lawyers. Not that attorneys are any worse than the rest of us; rather that their training and practice gives lawyers a peculiar way of looking at things, which doesn’t [...]
Mon, 16 Aug 2010
John Hawkes’s response to my August 2 blog raises a couple of interesting issues, despite its brevity. In it he writes: “One major problem with Principles Based enforcement is that identical cases could be heard in two states and have totally different outcomes. That is hardly appropriate. In addition, any time you have a lay [...]
Mon, 02 Aug 2010
Looks like Steve Winks and I are back on the same page, with his insightful comments posted to my July 26 blog, including: “The [Dodd-Frank] Bill acknowledges that brokers render advice counter to 70 years of the industry maintaining otherwise. This triggers fiduciary responsibility, transparency in investment cost and broker compensation, and the brokerage industry [...]
Mon, 26 Jul 2010
Now that President Obama has signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, there have been a number of comments to my July 6 blog “Fiduciary Act II” that warrant a response, and I thought I’d take care of them en masse, as it were. First, my friend Steve Winks writes that [...]
Tue, 06 Jul 2010
First the bad news: The Dodd-Frank Act of 2010 does not impose on brokers a fiduciary standard to put the interests of their clients first. Now, the good news: Section 913 of the Wall Street Reform Consumer Protection Act requires that the SEC conduct a six-month study of the ramifications of implementing such a duty, [...]
Mon, 21 Jun 2010
Last week offered some good news and some bad news for the proponents of a fiduciary duty for all financial advisors. First, the good news: As the financial reform Conference Committee worked through reconciling the House and Senate versions of the bill, Chair Barney Frank continued his support for a fiduciary standard for brokers, stating [...]





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