The evidence is provided in a letter to the SEC from numerous organizations including AARP, the Certified Financial Planner Board of Standards, the Consumer Federation of America, the Financial Planning Association, Fund Democracy and the National Association of Personal Financial Advisors.
Estimated reading time: 0 minutes, 25 seconds
Fiduciary Standard Advocates Offer New Criticism of Suitability Standard
Advocates of extending the fiduciary standard to brokers have presented the Securities and Exchange Commission with what they claim is “empirical evidence” that the suitability standard now used by registered reps is harmful to retail investors. So reports ThinkAdvisor.
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