A coalition of fiduciary advocates has unveiled a set of best practices for advisors that they envision could eventually become an industry certification, providing consumers with an easily recognizable designation that a financial professional is bound to act in their best interest.

The 11 principles, issued by the Institute for the Fiduciary Standard, aim to codify standards of conduct for the investment advice industry and help investors distinguish between "product sellers and advice givers," explains Knut Rostad, president of the institute.

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