At the bottom of this post, you will find a link to the press release just issued regarding HR 3817.
There has been considerable debate and discussion in the financial community over the definition and application of the term “fiduciary” and I am afraid this press release does not clarify where the language in the bill stands.
The section I am referring to says,
“Fiduciary Duty. Every financial intermediary who provides advice will have a fiduciary duty toward their customers. Through a harmonized standard, broker-dealers and investment advisers will have to put customers’ interests first.
Okay…Congress… what does “a harmonized standard” actually mean? Harmony for who? It sounds like consumers are getting a watered down fiduciary standard with no substance. Until I learn more, I am troubled…
