Financial Institutions as Fiduciaries: Managing Conflicts of Interest in the Wealth Management Business

Abstract

This paper examines the different fiduciary and regulatory standards applicable to bank trust departments, securities brokers, and investment advisers and suggests guidelines for managing conflicts of interest in the wealth management business.

Keywords: fiduciary duty, fiduciary standards, securities broker, investment adviser, broker-dealer, conflicts of interest, uniform prudent investor act, bank trust department, prudent investor rule