Commentary: Should advisers be fiduciaries?

Investment lawyer Charles W. Austin Jr. and SIFMA senior managing director and general counsel Ira Hammerman debate whether advisers should be fiduciaries in opposing commentaries in InvestmentNews. Arguing that both investment advisers and broker-dealers should be allowed to compete on their own merits, Hammerman writes: "Investors are best served by choice, ensuring that the industry's many, diverse customers find a service that best fits their individual needs." Austin disputes the contention of SIFMA president and CEO Marc Lackritz that repeal of the rule "would significantly reduce investors' options for receiving and paying for financial services."

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