At the annual Investment News regulatory round table in Washington on Feb. 20, representatives from the brokerage community and the investment-advisory industry disagreed about the need for all financial advisers to be regulated as fiduciaries. "Investors come in different shapes, sizes and needs," said Ira Hammerman, general counsel for SIFMA. For example, investors who have concentrated stock positions in the firms they work for may not want to diversify their holdings, he said. "That notion might be entirely inconsistent with the fiduciary duty standard," Hammerman said.
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