John Taft, who was tapped SIFMA's chairman-elect for 2010, said stewardship is a responsibility to manage something given by another, and the goal of effective stewardship is to put clients' interests above all else. Stewardship might be similar to a fiduciary duty, but Taft, head of RBC Wealth Management's U.S. division, said it is rooted in values and ethics rather than legislation and regulation.

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