From Allstate Financial's "good hands" to a Merrill Lynch ad about putting "your needs front and center," an investor advocate group is taking issue with how brokerage firms advertise themselves.
The Public Investors Arbitration Bar Association (PIABA) claims that brokerage firms are misleading clients into believing that their financial advisors have a fiduciary duty to their clients. It's a charge that turns up the heat on opponents of a proposed national fiduciary standard and puts additional pressure on regulators to act -- now.
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