Leaders of the Financial Services Institute expressed cautious optimism about their efforts to dilute or derail an initiative under way at the Department of Labor to broaden the scope of the term "fiduciary," a top policy priority for the advocacy organization.

In October, the group convened an advocacy summit in Washington where members fanned out on Capitol Hill for meetings with more than 250 congressional offices to press their issues, including the fiduciary rulemaking and to champion FINRA as the organization that should vested with oversight of investment advisors in a self-regulatory model.

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