Some broker-dealers are adopting more conservative policies when it comes to selling alternative securities such as real estate investment trusts. Illiquid, hard-to-trade securities are the focus of the more conservative policies, which executives say have been recommended by state regulators and the Financial Industry Regulatory Authority. "Over a period of time, and as FINRA put out bulletins, we continued to make changes we felt may be prudent," said Berthel Fisher CEO Thomas Berthel. "And illiquid investment is where the issue lies."

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