The New York Time Bucks Blog recently posted a story called “SEC Staff to Brokers: Clients Should Come First.” Apparently, there is a debate that folks who call themselves “financial advisors” do not have duties to their clients. The SEC is having a rule-making session about this topic this year, and it may be that the SEC votes to make stock and insurance brokers have “suitability” obligations. I promise to discuss suitability in the next couple of days.
Does Your Broker Know that You Are Supposed to Come First?
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