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http://ssrn.com/abstract=2234830
 
 

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The Fiduciary Obligations of Financial Advisors Under the Law of Agency


Robert H. Sitkoff


Harvard Law School

November 4, 2013

27 Journal of Financial Planning 42 (2014)
Harvard Public Law Working Paper No. 13-16

Abstract:     
This paper considers how agency fiduciary law might be applied to a financial advisor with discretionary trading authority over a client's account. It (i) surveys the agency problem to which the fiduciary obligation is directed; (ii) examines the legal context by considering how the fiduciary obligation undertakes to mitigate this problem; and (iii) examines several potential applications of agency fiduciary law to financial advisors, including principal trades and the role of informed consent by the client, organizing the discussion under the great fiduciary rubrics of loyalty and care. This paper was sponsored by Federated Investors, Inc.

Number of Pages in PDF File: 8

Keywords: fiduciary, agency, financial advisor, broker-dealer, investment advisor, agency costs, principal trades

JEL Classification: K12, K22, H30

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Date posted: March 19, 2013 ; Last revised: June 6, 2014

Suggested Citation

Sitkoff, Robert H., The Fiduciary Obligations of Financial Advisors Under the Law of Agency (November 4, 2013). Harvard Public Law Working Paper No. 13-16; 27 Journal of Financial Planning 42 (2014); Harvard Public Law Working Paper No. 13-16. Available at SSRN: http://ssrn.com/abstract=2234830 or http://dx.doi.org/10.2139/ssrn.2234830

Contact Information

Robert H. Sitkoff (Contact Author)
Harvard Law School ( email )
1575 Massachusetts Avenue
Cambridge, MA 02138
United States
(617) 384-8386 (Phone)
(617) 812-6195 (Fax)
HOME PAGE: http://www.law.harvard.edu/faculty/directory/facdir.php?id=649
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