The debate on whether all financial advice givers — including registered representatives of broker-dealers — should be required to operate under a fiduciary standard has been long and contentious.
Many groups have responded to the SEC's March 1 request for information on the topic — one of the key issues still unresolved in implementing the Dodd-Frank Act.
Among those in favor of a single fiduciary standard for all advice givers is the Investment Company Institute. It said in its comment to the SEC: "ICI continues to support the SEC staff's 2011 recommendation that the SEC adopt a fiduciary standard of conduct for broker-dealers when they are providing personalized investment advice about securities to retail investors that is no less stringent than the fiduciary duty that applies to investment advisers."
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