{"id":1050,"date":"2012-04-14T18:53:54","date_gmt":"2012-04-14T18:53:54","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/04\/aarp_investment_adviser_associ"},"modified":"2022-03-09T16:16:11","modified_gmt":"2022-03-09T22:16:11","slug":"aarp-investment-adviser-associ","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/aarp-investment-adviser-associ\/","title":{"rendered":"AARP, Investment Adviser Association, Among Groups Asking the SEC to Make Brokers Abide by 1940 Investment Advisers Act\u2019s Fiduciary Duty"},"content":{"rendered":"<p>Several industry and consumer groups have written a letter to the Securities and Exchange Commission asking it to put into effect a uniform fiduciary standard for both investment advisers and broker-dealers. The groups are AARP, National Association of Personal Financial Advisors, Fund Democracy, Certified Financial Planner Board of Standards, Inc., Consumer Federation of America, Financial Planning Association, and the Investment Adviser Association. They want the SEC to extend the duty as it exists under the 1940 Investment Advisers Act to brokerage industry members and not just investment advisers.<\/p>\n<p>&#8220;This has been my position since the subject arose. No new definition of &#8216;fiduciary duty&#8217; is warranted. For hundreds of years laws and legal decisions have fully defined the term,&#8221; said <a href=\"https:\/\/www.investorlawyers.com\/william-s-shepherd.html\">stockbroker fraud lawyer William Shepherd<\/a>. &#8221; Why should this not simply apply to Wall Street as it does the rest of us, including lawyers?&#8221;<\/p>\n<p>Currently, broker-dealers have to abide by the &#8220;suitability&#8221; standard, which is considers a less strict standard of care. For example, under the suitability standard, brokers don&#8217;t have to reveal the majority of conflicts of interest to a client to get out of any obligation to control investment expenses.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/aarp-investment-adviser-associ\/\"  title=\"Continue Reading AARP, Investment Adviser Association, Among Groups Asking the SEC to Make Brokers Abide by 1940 Investment Advisers Act\u2019s Fiduciary Duty\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Several industry and consumer groups have written a letter to the Securities and Exchange Commission asking it to put into effect a uniform fiduciary standard for both investment advisers and broker-dealers. The groups are AARP, National Association of Personal Financial Advisors, Fund Democracy, Certified Financial Planner Board of Standards, Inc., Consumer Federation of America, Financial [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3774,3781,3801],"tags":[],"class_list":["post-1050","post","type-post","status-publish","format-standard","hentry","category-broker-dealers","category-investment-advisers","category-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Asked To Make Brokers Abide By 1940 Investment Advisors Act | Investor Lawyers<\/title>\n<meta name=\"description\" content=\"Several industry and consumer groups have written a letter to the Securities and Exchange Commission asking it to put into effect a uniform fiduciary &#8212; April 14, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/aarp-investment-adviser-associ\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Asked To Make Brokers Abide By 1940 Investment Advisors Act | Investor Lawyers\" \/>\n<meta name=\"twitter:description\" content=\"Several industry and consumer groups have written a letter to the Securities and Exchange Commission asking it to put into effect a uniform fiduciary &#8212; April 14, 2012\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Asked To Make Brokers Abide By 1940 Investment Advisors Act | Investor Lawyers","description":"Several industry and consumer groups have written a letter to the Securities and Exchange Commission asking it to put into effect a uniform fiduciary &#8212; 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