Kevin Carroll, associate general counsel at SIFMA, said that imposing a uniform fiduciary standard would increase compliance costs for brokers, but that it would be acceptable. "We're largely willing to accept a certain cost, probably a substantial cost, in order to establish this uniform standard," Carroll said. However, he said regulators need to offer brokers guidelines on how to meet the higher standard within their business model. "What we're saying is articulate the existing fiduciary duty through rules," Carroll said. "We need guidance on how an episodic fiduciary duty will work." Learn more at SIFMA's Fiduciary Standard Resource Center.

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