After 6,000 comment letters, here are the key points advisers want the SEC to resolve in its final rule package.
Supporters want to maintain momentum of 417-3 House approval.
Adviser advocates are grateful for attention to the matter, but say the provision needs to be clarified.
Language in the Investment Advisers Act of 1940 exempts brokers from registering as investment advisers — and being fiduciaries — if their advice is "solely incidental" to their work.
Commission adds new item to agenda: Interpretation of broker guidance that qualifies as advice
Under the proposal, investment advisers would have to establish written policies to safeguard client data.
High-ranking, bipartisan members of the House Financial Services Committee back the legislation
Plaintiff's lawyer says junk bonds, futures contracts and derivatives were inappropriate for his clients.
Small-brokerage executive expresses concern over lack of specifics about what is 'best,' given an inability to make perfect investment choices for every client.
One consultant suggests spending 5% of revenue to fully address compliance needs.
