The Financial Planning Coalition, a group that includes several organizations representing thousands of financial advisors, this week released a copy of a petition it sent to the Securities and Exchange Commission, asking the regulatory agency to extend the definition of fiduciary standard to include “anyone providing personalized investment advice to retail clients.”

During a press conference Thursday, Marilyn Mohrman-Gillis of the Certified Financial Planner Board of Standards claimed that there is “really broad support” for the proposed expansion of the of the fiduciary standard, but she added that opposition has come from “insurance companies and especially NAIFA,” a reference to the National Association of Insurance and Financial Advisors.

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