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Regulators May Put Robo Firms Under Fiduciary Microscope
FinancialPlanning; free registration requiredLink to more items from this source
Nov. 13, 2015

"Following industry suggestions that robo advisors may be violating investment laws, SEC Commissioner Kara Stein is publicly questioning whether a fiduciary duty applies to automated advice -- and whether existing laws should be revised to account for the digital wealth management platforms.... [Stein's] questions touched upon [a recent report's] main thrust: that robos do not provide personalized investment advice, do not minimize investment costs, are not free from conflicts of interest, do not meet a high standard of care, do not act in a client's best interest, exclude ERISA accounts and do not meet the Department of Labor's proposed best interest contract as part of a fiduciary standard."

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