News | 01.08.20
Brokerage Industry Opposes Massachusetts Fiduciary Rule Proposal at Hearing
At a public hearing hosted Tuesday by Massachusetts Secretary of the Commonwealth William Galvin, brokerage and insurance industry representatives criticized a proposal that would impose fiduciary duty on all financial advisors in the state. The proposed regulation would require all brokers, investment advisors, and investment advisor representatives to “provide advice based on what's best for the customer or client, without regard to the interests of any other person,” according to a comment request. Galvin has indicated that Massachusetts is moving ahead with its rule because the Securities and Exchange Commission's Regulation Best Interest is too weak.
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