An Overview Of Fiduciary Standards And Suitability For Financial Planning Students

Abstract

Financial planning is an interdisciplinary field including finance and business law topics. Consequently, standard pedagogical resources often omit topics that fall between these fields. To address a key gap in educational materials for financial planning students and faculty, this article reviews recent regulatory developments for financial planning students, including strengthened fiduciary standards and FINRA suitability requirements. The discussion introduces FINRA 2090, FINRA 2111, the Uniform Prudent Investor Act, and other widely adopted fiduciary-oriented model laws. The article concludes with a discussion of implications for financial planning professors and students.