The comments have come streaming in on how a new fiduciary standard should be harmonized now that the Securities and Exchange Commission have been given the green light for its study.
As it stands, investment advisors (or advisers) are fiduciaries while broker-dealers may or may not be, based on the circumstances of their relationship with particular clients. Investment advisors want the single, one stringent standard of care applied to everybody but the broker-dealers say suitability is enough.
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