Department of Labor promulgated a rule that imposes on financial advisers to retirement savers “fiduciary” status under the … Employee Retirement Income Security Act. The Department reasoned that the fiduciary duty of loyalty would protect retirement … savers from conflicted investment advice. But in addition to a duty of loyalty, fiduciary status also imposes a duty of care …

explains fiduciary principles in investment advice. Looking at United States federal and state law, the paper first addresses … when an adviser is considered a fiduciary. Next, it discusses the fiduciary duty of loyalty and how the duty is expressed … and applied in investment advisory relationships. The paper then takes up the fiduciary duty of care and how it differs …

Fiduciary duty aims to solve principal-agent problems, and the United States is in the middle of a protracted debate … state-level variation in common law fiduciary duty, we find that it raises risk-adjusted returns by 25 bp. Through the lens …, and counterfactual simulations suggest that further increases in the stringency of fiduciary duty, such as a federal …

-advisors on the wealth management industry and examines their capability of providing the same fiduciary duty of care as human … brought new regulatory challenges to the industry, critics argued that robo-advisors compromise the fiduciary duty of care …. However, the research shows that the fiduciary duty of care is managed with the use of modern portfolio theory (MPT) and by …

Fiduciary duty may combat principal-agent problems in the provision of financial advice, but it may also impose costs … through legal liability. We study the effects of fiduciary duty on the deferred annuity market using transaction-level data …. Leveraging state-level variation in common law fiduciary duty, we find that it raises risk-adjusted returns by 25 bp without …