As we wait for details on the specific language of the DOL fiduciary duty rule proposal, the SEC continues to consider whether to propose a fiduciary duty rule for all those including brokers who provide personalized investment advice to retail investors. The reality is that most investors dont understand the difference between fiduciary and suitability standards.
Thats according to a 2008 study commissioned by the SEC, which found that the majority of typical retail investors were confused over the titles and duties of their financial services providers.
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