The SEC and Fiduciary Advice in 2024

In 2009, the Obama administration recommended that broker-dealers be held to the fiduciary standard. An SEC staff study in 2011 suggested the standard should be "no less stringent than currently applied to investment advisers under [the] Advisers Act." In June 2019, the SEC released Reg Best Interest that SEC Chair Clayton said, “Includes fiduciary principles.” Key question: ‘What do we have in 2024’?