As regulators continue their work implementing the numerous provisions of the Dodd-Frank financial reform act, a leading Wall Street trade group is hoping that 2013 will see movement on the controversial effort to implement a uniform fiduciary duty for investment advisors and broker-dealers when providing personalized advice to retail clients.

The Securities Industry and Financial Markets Association (SIFMA), which has been a consistent supporter of a uniform fiduciary standard, is urging the Securities and Exchange Commission to look past opposition from some corners of the industry and press ahead with its development of a rule, a process the agency began two years ago.

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