The concept of extending the fiduciary standard to broker-dealers is currently being evaluated by the Securities and Exchange Commission and the Department of Labor.
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Debate Rages Over Fiduciary Standard’s Impact on Middle Class
Some opponents of extending fiduciary standards to broker-dealers say the additional regulation and its associated costs would cause advisors to abandon middle-income clients. Other intermediaries have too much at stake to walk away from the market segment, Reuters reports.
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