The basic roles and responsibilities of brokers, financial advisers and asset managers are in the early stages of what's sure to be a dramatic transition and the brokers and firms that are most adapt at adding new tools and technology will be the ones to prosper, according to a new report from Boston-based financial services consulting firm Financial Research Corp.In the wake of the SEC's reaction to the Dodd-Frank Wall Street Reform Act, the FRC is advising financial services firms to begin rethinking the way they and their staff of advisers and brokers define themselves and the services they provide to investors.

In January, the SEC issued a report calling for a uniform fiduciary standard for all financial advisors, brokers and investment firms that essentially requires all to act in the best interests of the retail customer first regardless of the investment strategy being pursued by the broker-dealer of individual investment professional.

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