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2014 Pepp. L. Rev. Ann. 1 (2014)

handle is hein.journals/pnelwrwan2014 and id is 1 raw text is: Restoring Confidence in the Financial Services Industry: Advocating for a Uniform, Rules-Based Fiduciary Standard I. THE RELATIONSHIP BETWEEN CONTEMPORARY AMERICANS AND THE FINANCIAL SERVICES INDUSTRY .................................................................... 1 II. A N IM PETUS FOR CHANGE..................................................................... 5 III. THE D ODD-FRANK A CT ...................................................................... 8 IV. ADVOCATING FOR A UNIFORM, RULES-BASED FIDUCIARY S T A N D A R D .................................................................................................... 1 1 I. THE RELATIONSHIP BETWEEN CONTEMPORARY AMERICANS AND THE FINANCIAL SERVICES INDUSTRY With over 11,000 investment advisers and 5,100 broker-dealers managing $38 trillion in retail and institutional accounts,' millions of Americans rely on financial services providers to navigate their investments.2 While their reliance is based on each provider's knowledge and expertise, many Americans look to their individual service provider as 1. U.S. SEC. & EXCH. COMN'N, STUDY ON INVESTMENT ADVISERS AND BROKER-DEALERS: As REQUIRED BY SECTION 913 OF THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT (Jan. 2011) [hereinafter STUDY ON INVESTMENT ADVISERS AND BROKER DEALERS], available athttp://www.sec.gov/news/studies/2011/913studyfinal.pdf. 2. Arthur B. Laby, Fiduciary Obligations ofBroker-Dealers and Investment Advisers, 55 VILL. L. REv. 701, 701 (2010). Financial services providers offer advice regarding retirement accounts, college savings plans, and other means through which individuals and families save for their future. Id. Nearly seventy-five percent of Americans engaged with these providers receive advisory, management, or planning services. ANGELA A. HUNG ET AL., INVESTOR AND INDUSTRY PERSPECTIVES ON INVESTMENT ADVISERS AND BROKER-DEALERS 90 (2008) [hereinafter INVESTOR AND INDUSTRY PERSPECTIVES], available at http://www.sec.gov/news/press/2008/2008- 1_randiabdreport.pdf. This same portion of Americans use providers for conducting stock market or mutual fund transactions. Id. 1

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