In Support of An Enforceable Fiduciary Standard for Investment Advisors and Broker-Dealers

Summary

On July 17, 2019, Patricia Smith testified before the New Jersey Division of Consumer Affairs, Bureau of Securities in support of N.J.A.C. 13:47A-6.4, an enforceable fiduciary standard for investment advisors and broker-dealers. Implementing the proposed standard would reflect economic and marketplace realities, protect investors from harmful conflicts of interest, and prove eminently manageable for the financial services industry.