The Securities Industry Financial Markets Association, perhaps the most vocal opponent of the Department of Labor's proposed conflict of interest rule, has released its own proposal for a universal fiduciary standard.
"SIFMA has long supported the creation of a uniform fiduciary standard for broker-dealers and investment advisers," said Kenneth E. Bentsen, Jr., president and CEO of SIFMA, in a press release.
"With multiple regulators considering different approaches which could result in bifurcated standards, redundant compliance regimes and investor confusion we believe this offers a path forward," he added.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
