The oldest RIAs are 85. How did they become a $144T industry?

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• Howe and Rusling would be very proud of being one of the earliest RIAs and wonder what took everyone else so long

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• The 1940 laws have enduring importance because they introduced the concept of a fiduciary standard or fiduciary obligation

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• The 1940 legislation was result of painstaking study where an agreement was reached between those in the industry and SEC members

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• Howe & Rusling is really leaning into the fact that they are independent and believe strongly in human connection

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• The tipping point for RIA growth came in the 1990s with rise of personal computers, digital brokerages and custodial tech systems

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• Regardless of whether enforced by law, social rules, or cultural pressures, fiduciary rules are a condition to the long-term well-being of a human society

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• Growth of RIA model has little to do with fiduciary obligation directly, but rather consumers prefer helpful advice over being sold stuff

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• Disclosure in such situations is needed to preserve climate of fair dealing essential to maintain public confidence in securities industry and preserve economic health of country

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• Some firms may be finding ways to skirt fiduciary rules by having CFPs provide advice under fiduciary duty then standing down as salespeople step in under lesser standard

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• If you serve clients well and understand their objectives, you end up with multigenerational clients

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• When thinking of the horrible Depression years, unsure how he survived and wouldn't do it to a dog

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• RIAs remained a quiet niche side of the industry for a long time until custodial platforms emerged in 1990s

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• A society will be wealthiest if those who act as fiduciaries self-enforce and follow fiduciary law principles

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• Investment firms in 1940 had common interest in ridding industry of wrongdoers who had tarnished the reputation of the entire industry

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• SEC vs. Capital Gains Research Bureau decision clarified that antifraud provisions in Advisors Act amount to a fiduciary obligation

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• Investment advice laws represent an area where fiduciary laws seem to encroach on other principles such as implied contracts and freedom from non-specific regulation

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• A society whose fiduciaries do not feel compelled to be trustworthy will in the long run be the poorest

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• High standards of business morality exacted by securities laws do not permit an investment adviser to trade on market effect of their recommendations without fully and fairly revealing personal interests to clients

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• Disapproves of the idea that someone could be a fiduciary one minute and take their hat off and be a stockbroker or insurance salesman the next minute

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• There is no necessity of reviewing in detail the many unhealthy practices which this legislation is designed to eliminate

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• The attitude of investment trust industry and investment advisers in urging federal supervision is most commendable

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• Howe and Rusling believed in the importance of being a fiduciary and putting clients' interests above their own, and wanted to validate that by registering with SEC

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• Eventually, the rule should be that the entire firm has to be fiduciary in order for advisors to be fiduciary

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• Technology that made it scalable to manage portfolios and collect fees led to RIA model taking off

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• Howe & Rusling receives emails and calls every day to change their independent status but they are determined to stay independent

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