A broad coalition of advocacy groups is calling on the Securities and Exchange Commission to press ahead with an expansion of a fiduciary standard to hold broker-dealers to identical standards of care for retail client that are already imposed on investment advisors.

In a letter to SEC Chairman Mary Jo White dated June 4, the groups, which include the Investment Adviser Association and the Certified Financial Planner Board of Standards, urged against a watered-down fiduciary standard for broker-dealers, and expressed concern about the tack the agency might be taking following its recent call for more information from the public.

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