According to Kenneth Corbin’s reporting in Financial Planning, it might. Corbin reports that firms such as Morgan Stanley, Wells Fargo, Schwab, and TD Ameritrade write in comment letters to Nevada the new rule would dissuade their offering their BD transaction services.
Cited in the article, Knut Rostad, applauds the firms’ honesty in acknowledging that their broker reps can’t be fiduciaries. Rostad also suggest he doesn’t believe they will abandon the state.
The firms should be congratulated for their honesty. To publicly say their brokers cannot be fiduciaries and put the best interest of their clients first advances the discussion and the ‘real fiduciary’ movement.”Knut A. Rostad
Read the entire article on Financial Planning