New Jersey state lawmakers introduced legislation this week that would require financial advisors to disclose their fiduciary status to investors. Under the measure, advisors who do not have to meet a fiduciary standard must tell clients in a compulsory statement. The measure's sponsors refiled the bill Tuesday, after it failed to become a state law in the previous session of the legislature. Connecticut recently implemented a fiduciary disclosure law, and last year the Nevada legislature approved a bill that applies fiduciary duty to the state's brokers. A similar bill to New Jersey's has been introduced in the New York legislature.
Schoeff, Mark, Jr.
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