BY STEVEN D. IRWIN, SCOTT A. LANE, AND CAROLYN W. MENDELSON
Recently, a call for public change has been heard for the brokerage business. Is it time for a broker to have the same legal duty to his or her client as the investment adviser? Many in society are unaware that there is a distinction between the duties owed by a broker and the duties owed by an investment adviser to clients. This article summarizes the current status of the suitability standard for brokers and the fiduciary duty applicable to investment advisers and what change aligning the two standards may bring.
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