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The question facing the SEC is whether it should require all stripes of financial adviser to have to act as a fiduciary, meaning they would have to put the client's best interests first, ahead of even their own. Under current standards, some types of
That is, if the reconciliation process between the House and Senate allows for one crucial amendment. Although this enormous bill will rewrite many financial regulations, it currently does not include a provision that addresses fiduciary standards in
Securities and Exchange Commission asked the Senate Banking Committee to stiffen standards for broker-dealers to match those of investment advisers, although the financial overhaul bill slated for committee consideration Monday doesn't go that far.
The problem is there's no universal definition -- one that counts in Congress and in every state. A designation is now a more distant prospect. Last week, the Financial Planning Coalition -- a group comprised of Certified Financial Planner Board of
Consumer advocates and state regulators in the U.S. are stepping up their lobbying efforts to require broker dealers to be subject to the same standards as investment advisers, accusing industry lobbyists of attempting to weaken such a proposal in