Labeling all advisors “fiduciaries” even though they operate under different sets of rules will not magically make the existing misunderstandings go away.
ASPPA Urges SEC to Improve Disclosures
ASPPA and NAPA believe the proposal by the U.S. Securities & Exchange Commission (SEC) to create a ‘uniform fiduciary standard’ for broker-dealers and investment advisers will actually cause more – not less – confusion for retail customers.