Financial advisers should all play by the same rules

Financial advisers should all play by the same rules


Thousands of Registered Investment Advisers already abide by a fiduciary standard when giving advice under the federal Investment Advisers Act. But brokers and insurance agents aren’t held to this standard, even though they might use “investment advisor” on their business cards. They only need to offer choices that are “suitable” for clients, and that doesn’t necessarily mean the least expensive option, financial industry regulators have said.

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