It took two decades of debate, and two federal agencies over the span of two presidential administrations, but there is finally a new fiduciary standard for investment professionals on the books.
The Securities and Exchange Commission, on Wednesday, voted to adopt a package of rulemakings intended to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated disclosures in line with reasonable investor expectations while preserving access (in terms of choice and cost) to a variety of investment services and products.
