By Michael Prendergast
Two weeks ago, a Congressional House-Senate conference committee approved a huge financial-reform bill that, when enacted, could become one of the most important pieces of financial regulatory legislation since the Great Depression. One part of the bill would have the Securities and Exchange Commission (SEC) conduct a six-month study comparing the fiduciary duty by which Registered Investment Advisors (RIAs)—such as Altfest Personal Wealth Management—operate with the suitability standard by which broker-dealers (firms that employ stockbrokers) operate. After the study is complete, the SEC would be empowered, if it chooses, to “harmonize” the differences between the two standards. Read More…
