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Implementation of the Dodd Frank Bill

By SHUSTAK REYNOLDS & PARTNERS of Shustak Reynolds & Partners, P.C. posted on Wednesday, August 24, 2011.

As implementation of the Dodd Frank bill meanders its way through full adoption and the rule making process, it is fairly obvious that all financial advice professionals- RIA’s as well as brokers will be subjected to a federal imposed fiduciary standard. Investment advisers currently have to meet that bar, while broker-dealers adhere to a less stringent suitability standard that requires them to recommend financial products that satisfy a clients investment needs.

Under authority from the Dodd-Frank financial reform law, the Securities and Exchange Commission said that it intends to propose a rule this fall that would impose a universal fiduciary duty on anyone providing retail investment advice.

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