Speaking remotely at the annual conference of the Investment Management Consultants Association, Phyllis Borzi of the DOL strongly suggested that the agency will include some exemptions to its fiduciary rule for certain business practices.
Many in the industry rave about the independent model, but the wirehouses have stepped up their game on practice management, making them an attractive long-term proposition for many advisors.
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Advocates for the fiduciary standard on the RIA side voiced their concerns over the SEC’s recent request for comments during an fi360 webinar Thursday.
