The U.S. regulatory movement around fiduciary obligation is trying to find an equilibrium, but the process has been relatively slow and unbalanced. The competing interests of many industry incumbents are at odds, and federal and state regulators, lobbyists, participant firms, and political figures are complicating the discussion. At the center of the debate is whether broker-dealers should be held to a uniform fiduciary standard in line with registered investment advisors (RIAs). The answer from the Securities and Exchange Commission is “no,” as defined by the new Best Interest and Form CRS rules released on June 5th, 2019.
Join Aite Group wealth management senior analyst Greg O’Gara and Consumer Federation of America financial services counsel Micah Hauptman for a lively discussion on the dynamics surrounding Regulation Best Interest. They will explore the regulation, provide additional clarity around the variables impacting the rules, and illuminate the views of advocates and detractors.
Important discussion points will include:
- What are the key regulatory and political dynamics?
- Do we risk losing products and services in states where legislation is enacted?
- Can Regulation Best Interest be legally contested?
- Will significant costs be incurred to comply?
Clients of Aite Group's Wealth Management practice can access the full webinar on-demand by logging into our website.
For more information about this topic or other Aite Group services, please contact us at firstname.lastname@example.org.
Greg O’Gara is a senior research analyst for Aite Group's Wealth Management practice, focused on retail clearing, operations, financial advisor technology, and other topics across the wealth management industry. He has done extensive research on managed accounts, financial services competitive positioning, the U.S. regulatory environment, and investor behavior—recommending tactical and strategic responses for clients.