BUIES CREEK, N.C. – Somer Johnson, business operations manager and MBA director at Campbell Business, has been published in the latest edition of the FIRMA Forum, a leading publication of the Fiduciary & Investment Risk Management Association (FIRMA). Johnson’s article, “The Fiduciary Standard Rule,” is available in the magazine’s 2017 Issue I edition.
Johnson’s article delves into a controversial rule finalized in April of last year by the United States Department of Labor aimed at protecting American investors and savers. Known as the “Fidicuairy Standard Rule” and the “Conflict of Interest Rule,” the ruling essentially changes the definition of who is considered a fiduciary in the financial advising environment and has been met with much criticism and objection. Multiple lawsuits have already been filed against the rule, and many members of Congress, industry, and trade groups argue that the U.S. Department of Labor lacks the authority to implement such a rule.
“Prior to the rule, many advisors were held only to a “suitability standard.” This gave them the ability to offer their clients products with higher commissions and/or fees attached — products that were suitable for the client, but might not necessarily be the best option for the clients. The new rule is meant to address this conflict of interest by classifying all financial professionals offering investment advice for retirement accounts as fiduciaries and therefore holding them to a much higher fiduciary standard,” said Johnson.
The article is available in its entirety to FIRMA members at this link.
Johnson, who oversees the MBA program at Campbell Business, was elevated to her current role in Jan. 2017. She holds a bachelor of arts from the University of Mount Union, a master of business administration from Otterbein University, and a master of trust and wealth management from Campbell Business.
Founded in 1985, FIRMA is the leading provider of current and relevant fiduciary and investment risk management education and networking opportunities to risk management, compliance, and audit professionals across all lines of defense at banks, trust companies, investment advisors, broker-dealers, insurance companies and other financial service organizations. FIRMA has the objective of providing fiduciary risk managers with the tools and knowledge needed to perform their functions in the rapidly changing financial services landscape. For more information, visit FIRMA at http://www.thefirma.org/.
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The Campbell University Lundy-Fetterman School of Business strives to be recognized as a premier business school known for its free enterprise based curriculum, distinctive academic programs, practical work experiences, and values-based entrepreneurial emphasis. For more information, visit http://www.campbell.edu/business.
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