August 13, 2010
I support imposing a fiduciary standard of care on brokers. They are responsible for the life savings of many Americans and should be held to the highest standards of care.
The fiduciary duty standard may also have the ancillary benefit of increasing competition and driving down prices (as brokers will be forced to fund the best produc ts for their clients, and not just investments that are suitable).
Many brokers are opposed to this heightened standard, but if they served their clients well before, then there will be little change, if any, in how they do business under any new standards.