Despite SIFMA’s public statements that it supports a uniform fiduciary rule for all advisors, the Institute for the Fiduciary Standard believes that the brokerage industry group is really advocating a less stringent brokers sales standard.

In a strongly worded letter to the Securities and Exchange Commission, the Vienna, Va.-based Institute that represents investment advisors criticized SIFMA’s stand on the proposed rule. “It’s not even a close call to being a fiduciary standard,” Knut Rostad, the Institute’s president, said in a phone call to On Wall Street to discuss his letter on SIFMA’s position.

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