Financial advisers and their clients have a lot at stake as the Securities and Exchange Commission works on a fiduciary standard, and advisers should actively express their views as the process moves forward, writes David Bellaire, executive vice president and general counsel of the Financial Services Institute. One area to watch, he writes, is disclosure requirements.
"[O]verly burdensome disclosure and other compliance requirements can hurt investors by discouraging investors from reading the materials provided, driving up the costs of investing and limiting their access to professional advice," he writes.

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