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Is SEC’s Fiduciary Rule Built to Last?

Oct. 17, 2018, 11:30 AM

The Labor Department’s short-lived rule meant to protect retirement savers from conflicted investment advice met its demise earlier this year. As the Securities and Exchange Commission develops its own proposal, critics say any fiduciary standard that fails to shield investors from shady deals essentially guarantees that the rule will get a rewrite if the Democrats take control of Congress.

The SEC’s best-interest proposal, among other things, aims to reduce potential conflicts of interest and bans the use of misleading titles. It also requires broker-dealers to put clients’ needs above personal gain but stops short of adopting the fiduciary standard...

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