Melanie Wadell from AdvisorOne is reporting:
Industry officials are somewhat perplexed as to why Rep. Barney Frank, D-Mass., ranking member of the House Financial Services Committee, sent a May 31 letter to Securities and Exchange Commission Chairman Mary Schapiro, urging the agency not to put broker-dealers under the exact same fiduciary standard that advisors are subject to under the Investment Advisers Act of 1940.
Yep, it seems he wants there to be rules that are ultimately the same, but different for the deep-pocketed bulge bracket firms dishing out individual
sales practices advice. Absolutely perplexing, isn’t it…