10.16.18
New Jersey Releases Uniform Fiduciary Standard Pre-Proposal, Seeks Comments
by: Mark Jr. Schoeff
New Jersey's Bureau of Securities released a request for public comment Monday on what could become a proposal to raise investment advice requirements for brokers. The agency issued a notice of pre-proposal that would subject brokers, agents, investment advisors, and investment advisor representatives to a fiduciary duty when providing investment recommendations to clients. "The bureau believes that this uniform standard protects investors against the abuses that can result when financial professionals place their own interests above those of their customers," the document states.
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