Some states’ moves to create their own fiduciary rules aren’t playing so well with members of the financial community, who would prefer the U.S. Securities and Exchange Commission craft investment adviser standards.

New Jersey, for example, is seeking public comment through Dec. 14 on its proposal to create its own fiduciary rule, which would require broker-dealers, investment advisers, and other financial advising professionals to maintain a fiduciary duty to their investors. The Maryland Senate Finance Committee had an Oct. 10 hearing to discuss the best ways to address any conflicts of interest among financial representatives who offer advice to consumers....