By Kenneth Corbin
Originally published on Financial Planning
The federal government’s failure to rally behind a uniform fiduciary standard for brokers and advisors left a vacuum that lawmakers in a variety of states are looking to fill with their own rules for the wealth management sector.
But some worry that state efforts will add an unwelcome new layer of regulation and impinge on SEC-registered advisors.
In Nevada, regulators are considering a proposal for a uniform fiduciary standard that would apply in equal measure to brokers and advisors, offering only a limited exemption for certain kinds of brokerage activity. To the Investment Adviser Association, a group that represents federally registered advisors, that could be an unwelcome new layer of regulation for its members, who already must comply with the fiduciary standard under the Investment Advisers Act.
Read the full article on Financial Planning.