Backers of a stronger fiduciary standard for financial professionals want to certify a clearer distinction between advisors who are duty-bound to put their clients' financial interests first and others in the industry whom they tend to characterize as self-serving salespeople.

The Institute for the Fiduciary Standard has convened a working group to develop a set of best practices that could translate into a credentialing or certification process through which advisors could represent themselves as verified fiduciaries.

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