SAN DIEGO — Complying with the fiduciary rule on a day-to-day basis will not force broker-dealers into a rigid, unworkable model, according to experts from Pershing and Morningstar.
Firms aiming to use the best interest contract exemption to keep offering commission-based accounts have slammed the regulation in letters to the Department of Labor. Uncertainty surrounds the rule, even after DoL Secretary Alexander Acosta announced it would go into effect following a delay.
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