For years, there has been debate surrounding what was and what should be the fiduciary duties of financial professionals. Case law has evolved, and sometimes statutes have been enacted, on a state-by-state, professional-by-professional basis to define those duties and obligations. However, inconsistent treatment of the issue persisted. The Dodd-Frank Act of 2010 gave the Securities and Exchange Commission (SEC) a mandate to determine whether there was confusion among the public regarding the duties and responsibilities of financial professionals and, if so, to devise a solution.
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