Wealth Manager has obtained a draft of the amendment. It mandates the extension of the fiduciary standard as it applies to investment advisors under the Investment Advisers Act of 1940, to broker/dealers who provide, "personalized investment advice about securities to a retail customer (and such other customers as the Commission may by rule provide)…"
It calls for the SEC to write rules:
"to provide that, with respect to a broker or dealer, when providing personalized investment advice about securities to a retail customer (and such other customers as the Commission may by rule provide), the standard of conduct for such broker or dealer with respect to such customer shall be the same as the standard of conduct applicable to an investment adviser under section 211 of the Investment Advisers Act of 1940.
