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Recently, Morningstar reached out to about 100 individual brokers to gauge their firms' progress in complying with Regulation Best Interest by the July 1 compliance date. In January, the Securities and Exchange Commission said it would not be moving the scheduled July 1 compliance date for Reg BI, which is designed to raise the standard of care to retail investors above FINRA's suitability standard.
About a third of those brokers were unaware, or unsure, of any measures their firms had taken relative to product line-ups in the run-up to July.
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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.
