John Taft, head of the US division of Royal Bank of Canada (RBC) Wealth Management, has been named chair-elect of the Securities Industry and Financial Markets Association (SIFMA) for 2010. Taft will continue to lead RBC’s US wealth management business while assuming this role with SIFMA.
For the past year, Taft has been the chair of SIFMA’s Private Client Group Steering Committee, where he has shown leadership in advocating reform of the US financial regulatory system, playing a key role in lobbying for a new harmonised federal fiduciary standard of care, expertise and advice for US broker-dealers and investment advisors.
Taft recently testified before the US House of Representatives Committee on Financial Services on behalf of SIFMA about the importance of creating a new, federal fiduciary standard for broker-dealers and investment advisers who provide personalised investment advice to individual investors. The proposed uniform set of federal fiduciary regulatory standards is designed to strengthen safeguards for investors and preserve investor choice.
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