Fiduciary User Fee Battle Continues

Advocates of a uniform fiduciary standard have been frustrated by the slow movement on the issue at the SEC, where Chairman Mary Jo White has directed staffers to develop a menu of options for how to address the investor confusion associated with the uneven regulatory models that govern advisors and brokers.[pullquote]communicating that the sky will fall if the fiduciary standard is imposed on broker-dealers[/pullquote]

The SEC has been considering how to proceed on the issue since the enactment of the Dodd-Frank Act, which authorized — but did not mandate — the commission to harmonize the regulatory regime for RIAs and BDs.

Marilyn Mohrman-Gillis, managing director of public policy and communications at the CFP Board, credits the brokerage lobby for its work in effectively “communicating that the sky will fall if the fiduciary standard is imposed on broker-dealers.” Details of the latest here.