A uniform fiduciary rule placing brokers under a higher investment-advice standard would hurt middle-income clients, NAIFA said in a comment letter to the Securities and Exchange Commission. Most financial advisers expect higher business costs if such a rule is adopted, according to a survey cited in the letter. The SEC should "not take any action that would amount to an attempt to cure a problem that has not been demonstrated to exist and which could have the unintended effect of reducing the access of middle-and lower-income-market investors to needed financial products, services and advice," wrote NAIFA CEO Susan Waters.

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