Massachusetts is moving forward on a proposal to enact a fiduciary standard that would apply to both broker/dealers and investment advisors, according to an announcement from Secretary of the Commonwealth William Galvin, who signed off on the new regulations Friday.
In a statement, Galvin said the regulations were in direct response to the Securities and Exchange Commission’s Regulation Best Interest rule, which will be implemented next June. Galvin said the SEC had “failed to provide investors with the protections they need against conflicts of interest in the financial industry.”
“My office has seen firsthand the serious financial harm that investors and savers have suffered as a result of conflicted financial advice,” he said. “Investors must come first.”
The proposed rule would pertain to all broker/dealers and advisors, mandating they offer advice based on what is best for customers without regard for their own interest. According to the Gavlin, the proposed rule would be “based on the common law fiduciary duties of care and loyalty,” and would apply to advisors’ interactions with individual investors, municipalities and pension plans.
“The cost of doing business will increase for broker/dealers, while the menu of services they are able to offer clients will decrease,” the letter stated. “Long-term, this will pose a risk to average investors’ ability to build savings and wealth.”
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