SEC should hold brokers to fiduciary standard of advisers

11/22/2010 | New York Times (tiered subscription model), The

Since many investors rely on their brokers' advice, and many brokers call themselves "financial advisers," the Securities and Exchange Commission should hold brokers to the same fiduciary standards as investment advisers, who are required to act in the best interests of their clients, writes Tare Siegel Bernard. The SEC should take arguments from the Securities Industry and Financial Markets Association, which claim that the fiduciary standards will be costly for investors, with a grain of salt.

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