Investment People – fiduciaries or salesmen?

Josh and I were in Austin & Boston last week meeting with other advisers at the top of their fields and discussing issues surrounding best practice and fiduciary duty.  The concept of an investment adviser acting as a fiduciary to client’s wealth is given a very high profile in the US but we wonder if in the UK, this is something of an exception rather than the norm? The changing regulatory structure on how advisers charge for their services has brought about sweeping changes in how advisers are positioning themselves when working with their clients and perhaps now is the time to look more deeply and perhaps laterally, at the way we define service.