The backers of a new set of fiduciary best practices for advisors are calling for input from industry practitioners as they shape the final guidelines, which they envision could eventually function as a type of industry certification.
Developed under the aegis of the Institute for the Fiduciary Standard, the best practices are intended to serve as an educational tool to help consumers distinguish from advisors who are obligated to act in their clients' best interests, and those who might be providing conflicted advice in pursuit of a commission or some other type of compensation.
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