BY KRISTINA A. FAUSTI
For years, the investment adviser community has called for all financial professionals who provide investment advice to be subject to the fiduciary standard. On June 17, 2009, it seemed their calls would be answered when the Obama Administration issued its framework for financial regulatory reform, which declared that “standards of care for all broker-dealers when providing investment advice about securities to retail investors should be raised to the fiduciary standard to align the legal framework with investment advisers.”
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