The SEC made a substantial change to its Customer Relationship Summary that largely went under the radar: the removal of the word "fiduciary" from mandated language RIAs must use to describe their standard of conduct.
Only a small percentage of SEC-registered advisors use the language the agency approved Wednesday in describing their fiduciary duties, and those advisors are more likely to offer conflicted advice, according to a study by Commissioner Robert...
In a 3-to-1 vote, the Securities and Exchange Commission passed its rule package that would establish a standard of conduct for broker/dealers. Firms will have about a year to comply with Reg BI and Form CRS.
Major standards of conduct for brokers and investment advisors are expected to be finalized tomorrow by the Securities and Exchange Commission. Here are the big points advisors should be on the lookout for.