WASHINGTON -- The SEC is working on a fiduciary rule for financial advisors, but the regulator is in no rush to get it done – which has left fiduciary advocates feeling like they are waiting for Godot.

Chairwoman Mary Jo White, speaking at SIFMA's annual conference, said the SEC is working on a rule, but declined to provide a timeline, saying it's "not a short, quick uncomplicated rule making."

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