Are brokers really ready to be fiduciaries?

There are plenty of legal risks and compliance pitfalls facing the securities industry following June 9, the official start date for the DOL fiduciary rule

June 1, 2017 | by Bruce Kelly | InvestmentNews.com

The Department of Labor’s fiduciary rule for retirement accounts will take effect Friday, and advisers and their broker-dealers better get ready for a new wave of risk: lawsuits and legal complaints by investors who believe they have been harmed by an adviser’s recommendations or choice of investment.

The Big Daddy of liability facing firms, the best-interest contract exemption, does not kick in until Jan.1. The BICE is a provision of the fiduciary rule that will give investors the right to bring class-action litigation against financial firms.

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