One of the issues in wealth advising and planning is the
regulation of those who provide financial product sales advice and
financial planning services—often offered under the
nomenclature of estate planning or retirement planning advice. A
lot has happened recently in many jurisdictions, including Canada
and the U.S., as regulators grapple with what standards should
apply to those who offer such services.
One of the burning issues is whether a statutory "best
interests" standard should apply.
Following the lead of the U.K., Australia, and the U.S., some
jurisdictions are now considering adopting the "fiduciary
rule". In the U.S., the Obama administration proposed adoption
of the fiduciary rule, but the Trump administration ordered a
review of the rule which delayed its implementation which otherwise
would have come into effect in April 2017. Subsequently, the U.S.
Securities and Exchange Commission finalized a rule package on June
5, 2019 that includes a best
