Financial Planning: Fiduciary FAQ: New rules could transform advisors’ businesses

Advisors should also anticipate hearing anti- and pro-fiduciary arguments that were leveled against or in support of the Labor Department’s rule.

The American Securities Association told New Jersey’s regulator that its proposed standard “has been proven to harm consumers,” would add compliance costs, limit investor choice and create regulatory confusion. The proposal would also “exacerbate income and wealth inequalities,” the association said.

Advisors will find out what regulators make of those arguments later this summer.

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