As industry officials digest the Financial Industry Regulatory Authority’s new suitability rule, Rule 2111, which took effect July 9, more onerous due diligence requirements for BDs are surfacing as well as reps having to take on what looks to be fiduciary responsibility.

Ron Rhoades, the 2012-2013 chairman of the National Association of Personal Financial Advisors and associate professor of Alfred State College’s Financial Planning Program, points to the rule’s “investment strategy” language as providing the most challenge.

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