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 don’t understand the difference between fiduciary and suitability standards.

That’s 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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