FAs Decry New Jersey Fiduciary Rule: This Could Hurt Clients and Advisors Alike
December 18, 2018 by Mrinalini Krishna
Financial advisors are worried that a push for a fiduciary rule in New Jersey and other states may have unintended consequences that could hurt clients and advisors. After the Department of Labor’s fiduciary rule was vacated earlier this year, in September the state of New Jersey announced its intention to come out with its own version of a fiduciary rule. A month later, the New Jersey Bureau of Securities began seeking comments on a pre-proposal – the comment period for which ended last week.
“The rule being contemplated by the Bureau would enhance the integrity of New Jersey’s financial services industry and provide clarity and increased protections for investors by holding every investment professional to a uniform standard that requires them to put their clients’ interest ahead of their own,” says N.J. Bureau of Securities chief Christopher W. Gerold in a statement to FA-IQ.
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