The fallout from the U.S. Securities and Exchange Commission's recent recommendation of a uniform fiduciary standard rolls on. As dates for hearings hang in the air, so do the possible effects on the wealth management industry.
The SEC study called for broker-dealers to comply with standards similar to those in place for investment advisors under the Investment Advisers Act of 1940. The goal is to increase investor protection, and create a more understandable landscape. But the staff report's recommendation was not concrete-two SEC committee members submitted dissent opinions, citing risks to investors.
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