12.06.19
State Fiduciary Rules Would Lead to Elimination of Brokerage Accounts: SIFMA
by: Mark, Jr. Schoeff
Financial firms will phase out brokerage accounts in states that implement their own investment advice rules separate from the standard set by SEC, Kenneth Bentsen Jr., president and chief executive of the Securities Industry and Financial Markets Association (SIFMA), said Thursday. During a briefing to reporters, Bentsen said that regulations to strengthen broker advice requirements being developed in several states will create a "patchwork of rules" that will raise compliance costs for firms and hurt investors. "Clients will have one choice they can buy, which in many cases will be buying more services than they wanted and having to pay more than they wanted to."
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