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SIFMA Seeks to Protect Business Model Where Client Serves Broker, Not the Fiduciary Model Where the Broker Protects the Client
Kathleen McBride in Fiduciary News
[Opinion] Jan. 22, 2014
"SIFMA has proposed to SEC a 'universal fiduciary standard,' which according to SIFMA's own blueprint is nothing more than their current lower sales or suitability standard, but masquerading as 'fiduciary.' No mention of the fiduciary principles [described earlier in this article]. SIFMA says extending the fiduciary standard to brokers would limit access to advice, limit access to securities products and cost investors more. None of those assertions is true."
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