News | 02.08.19
Maryland Bill Would Impose Fiduciary Duty on Brokers, Insurance Reps
Legislation introduced this week by Maryland state lawmakers would raise investment advice standards for brokers and insurance representatives. The measure, introduced in the Maryland Senate on Monday and recently posted online, contains a short provision that would make brokers and insurance agents fiduciaries and would require them to act in the best interests of their customers "without regard to" their own financial gain. The inclusion of insurance agents makes the Maryland approach closer to that of the now-defunct U.S. Labor Department fiduciary rule that would have applied to retirement accounts.
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