Fierce fiduciary debate awaits Biden’s SEC pick
February 17, 2021 by Tobias Salinger
As fiduciary advocates and brokerage firms await the expected confirmation of a new SEC chair, they’re lining up on opposite sides of a fierce ongoing debate over fiduciary rules: do they go too far, or not far enough?
The Institute for the Fiduciary Standard and the Financial Services Institute each held events in the past two weeks displaying the persistently growing chasm within wealth management over the SEC’s Regulation Best Interest. Consumer advocates have reason to hope the Biden administration could toss the rule; brokerage firms are pushing hard to keep it in place.