Should the Securities and Exchange Commission hold investment advisors and broker/dealers to the same standard of fiduciary duty? While most industry groups are opposed to the idea, at least one has now weighed in with a resounding endorsement.

In a letter to the SEC, the Financial Planning Coalition said it would oppose any efforts to weaken the fiduciary standard. It urged the regulatory body to adopt a uniform fiduciary duty standard that would apply to both broker/dealers and investment advisers when providing personalized investment advice to retail customers.

"This standard should be based upon the core principle that … a financial adviser (however registered) always must act in the best interests of those customers," the letter said. "The SEC should adopt this uniform fiduciary standard immediately."

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.