Barney Says What?

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…

Read the rest of the lovely details at AdvisorOne.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s