U.S. Securities and Exchange Commission Chairman Mary Schapiro discussed her support for a common fiduciary standard for investment advisors and broker-dealers at a recent conference.
Many investors do not know the difference between an investment adviser and a B-D, Schapiro said according to a written version of her remarks posted on the SEC website. She was addressing chief compliance officers for mutual funds and investment advisors at an SEC-sponsored event in Washington.
Investors "just want to know that they are getting a fair deal from the securities professionals they turn to for advice," Schapiro said. "That is why I support a common fiduciary standard of conduct for investment advisors and broker-dealers that is at least as strong as the fiduciary duty recognized under the Investment Advisers Act."
