Two advisor trade groups - the Securities Industry and Financial Markets Association and Financial Planning Coalition, which consists of the Certified Planner Board of Standards, the Financial Planning Association and the National Association of Personal Financial Advisors - finally sent in their comment letters to the Securities and Exchange Commission regarding Section 913 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, or what the Commission should do about enforcing a blanket fiduciary standard for all financial advisers.

That paragraph, almost as much fun to read as it was to write, masks a real battle being waged on Capitol Hill—advisers regulated by self-regulatory FINRA squaring off against advisers registered with the SEC.

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