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Fidelity Sales Practices Violated Reg BI, Advisor Says in Whistleblower Suit
News May 08, 2024 at 04:55 PM
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What You Need To Know
- Low-cost index funds hit Fidelity's revenue, prompting a focus on more profitable products like managed money, the advisor's suit claims.
- The suit says advisors were pressured to sell higher-revenue products even when they were not in clients' best interest.
- Fidelity says it denies the allegations and will vigorously defend itself.
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