Breaking down the legal barrier between broker-dealers, financial advisors

09/14/2009 | InvestmentNews (free registration)

Securities and Exchange Commission Chairwoman Mary Schapiro indicated in March that she would work to "harmonize investment adviser and broker-dealer obligations" this year. According to this article, financial advisors would welcome the change, which would hold them to the same fiduciary standards as broker-dealers. Blaine F. Aikin writes that advisors already adhere to a high fiduciary standard, but they feel they are perceived as "profiteers" rather than professionals; they believe the move would help to increase client trust.

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