State Of The Fiduciary: States Step In Where Federal Agencies Left Off
October 31, 2018 by Cassie Miller
While the Securities and Exchange Commission revises its rule-making package containing regulation best interest, Form CRS and title reform, several states are taking matters into their own hands, establishing a fiduciary standard in the hopes of better-protecting investors.
Nevada passed Senate Bill No. 383 last July, creating needed definitions of financial planners and broker-dealers. The law also requires that financial planners disclose any profit or commissions they stand to make should the client take their advice on a particular suggestion.
Since its enactment over a year ago, other states have started following Nevada’s example, creating their own standards where the federal standard lacks.
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