The Securities and Exchange Commission will publish a "business-model neutral" fiduciary rule in 2012, Chairman Mary Schapiro said last week. In response, some industry experts said that a balanced, neutral approach is sound in principle but that much depends on the precise manner in which such an approach is implemented. One industry representative, Harold Evensky, president of Evensky & Katz Wealth Management, said that if the rule ends up as an enhanced "suitability" standard with opt-out provisions, "then we will end up with the worst of all worlds."

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