When fiduciaries want to advertise the performance of client portfolios in advertisements, they would be prohibited from the following under the proposal. (Photo: Shutterstock)
The Securities and Exchange Commission's proposal to modernize rules that would make it easier for fiduciary advisers to advertise client testimonials could help RIAs distinguish themselves from brokers after the implementation of Regulation Best Interest.
"There's no question about it, when Reg BI goes into effect, that's only going to confuse investors," said Duane Thompson, senior policy analyst at Fi360.
|Distinguish RIAs from brokers
"The SEC's proposal relaxes restrictions on using client testimonials. Investment advisers may be able to leverage these client testimonial changes to help distinguish their standard of conduct from brokers," added Thompson.
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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.
