The wealth management industry might be headed towards a "compliance nightmare" next year should the Labor Department move ahead with its proposed fiduciary rule, SIFMA warned in its annual state of the industry briefing.

A situation may develop where advisors and firms have to contend with multiple and possibly conflicting regulatory standards, Ken Bentsen, CEO of the industry trade group says. The Labor Department is working on a fiduciary rule with regard to retirement advice, while the SEC is tasked under Dodd-Frank to craft an industry-wide fiduciary rule.

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