Even before seeing the text, the insurance industry says the measure to raise advice standard for retirement accounts will hurt middle- and low-income savers.
Most HNW individuals are compliant because they have quality advisors who know the law and how to follow it correctly, says one advisor.
'It’s the most extreme churning I’ve seen in more than 40 years,' the investor's lawyer says.
'I can’t recall when they’ve been so explicit about what they do and why they choose a firm for examination,' a compliance expert says.
'Efforts to address the standard of care concepts established by Reg BI remain perfunctory,' the NASAA report states.
'Crypto is on a journey from a niche asset class to a mainstream asset class,' says an advisor.
'As a mother of three young kids ... I am so pleased to see NASAA recognizing the need for some flexibility,' an advisor says.
'This is further indication that NFT trading by advisors is not ready for prime time,' Ric Edelman says.
'We need to address the looming debt and quit kicking the can down the road,' one advisor says.
Decision strikes blow against online brokerage Robinhood but is hailed as a 'Fenway Park Red Sox grand slam home run' by fiduciary advocate.
