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A fiduciary twist in this year’s presidential election

Support for Trump is widespread among financial professionals, despite their simultaneous support for the fiduciary rule.

By Chris Carosa | Updated on October 27, 2016
There are advisers who speak like they’re on the Trump Train and don’t like the fiduciary rule, as well as those who repeat the mantra of the Never-Trumpers and support the fiduciary rule. (Photo: AP)

I never read Plato’s Republic when it counted, within the confines of ivy covered walls immersed in a class full of uber-idealistic peers and a like-minded professor to lead them. That’s what happens when you study advanced astrophysics. There’s just no room for the classics. So, like many in the real world, I had to pick up the wisdom of ancient Greek philosophy from the cold streets and narrow alleys of the matter-of-fact life of business.

Here’s all you need to know about Plato’s Republic: It’s a brilliant metaphor for fiduciary. Yes, it speaks of “justice” and “philosopher-kings,” but it’s really about “best interest.” In it, Plato seeks to define justice, but only succeeds in explaining no one will be just if he can sin with impunity. In other words, unless there is a punishment for failing to act in the best interest of others, people will act only in their own best interest. That doesn’t make for a very healthy society.

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