Huge changes – including millions of dollars in compliance costs to the brokerage industry and higher costs to investors – are in store if the Department of Labor and Securities and Exchange Commission decide to adopt a uniform fiduciary standard.
It may be weeks, if not longer, before that decision is finalized but the question has been hanging over the industry's head most of this year.
In the most straightforward of terms, broker-dealers are worried that the proposed changes to the fiduciary standard could cost them up to $8 million to set up compliance systems and about $2 million a year to maintain. That's per broker-dealer.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
