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The fiduciary duty should extend to all broker-dealers when they offer investment advice about securities to retail customers, said a group of advisors, financial planners and consumer advocates in a letter to the Securities and Exchange Commission last week.

The letter, whose signatories included the Investment Adviser Association, the AARP, the Consumer Federation of America and the Financial Planning Association, among others, was addressed to SEC Chairwoman Mary Shapiro was an effort to weigh in on extending the Investment Advisers Act of 1940 to all broker-dealers.

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