News | 10.01.19
Chamber Tries to Rally Troops Against Galvin’s New Standard for Broker-Dealers
The Greater Boston Chamber of Commerce plans to e-mail a memo to thousands of members and others who subscribe to its policy briefs that is aimed at building public opposition to Massachusetts Secretary of the Commonwealth Bill Galvin's new regulations intended to protect individual investors who work with broker-dealers. The chamber says imposing a fiduciary standard on broker-dealers would increase costs for everyday consumers, making it harder for new investors to start saving. The rule would require broker-dealers to recommend only “the best” options for investors, something the chamber calls a potentially impossible standard to meet. It would also require brokers to provide the same ongoing advice to investors that investment advisors provide, a move that the chamber says would translate into increased fees.
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