DOL fiduciary rule's upcoming September surprise'll send brokers memo-izing -- or else -- says Fred Reish in Nashville to a spellbound room

Prudent process (asset/liability study, investment policy, portfolio construction, performance monitor, etc.) which puts financial services back into the financial services business authenticate back to statute, will be the new reference point to professional standing in advisory services. Here-to-fore b/ds have fought fiduciary duty, now it is their best interest to be a stickler to detail as directly or indirectly required by statute. Finally the brokerage industry is aligned in the best interest of the investing public as it becomes a strategic imperative. The broker is accountable for every recommendation they have ever made and there are at least 265 fiduciary duties entailed in continuous, comprehensive counsel of fiduciary duty (more depending on the granularity of the definition of advice) which are documented in prudent process which every b/d must support as its core intellectual capital which drives market share and professional standing. We are about to experience a renaissance in advisory services in the best interests of the investing public. SIFMA/FSI suddenly discovers fiduciary duty for its brokers is a good thing .SCW