The Securities and Exchange Commission and the Department of Labor postponed efforts to extend a fiduciary standard to more financial advisers. Many industry experts welcomed the delays, saying that regulators need to get the rule right. "The No. 1 thing that we'd like to see is harmonization and coordination between what the SEC does and what the DOL does on any fiduciary standard that applies to personalized investment advice for retail clients," said SIFMA Chairman John Taft.
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