A coalition of organizations, including NASAA and AARP, submitted a letter to the SEC expressing their concern that the agency was backing away from adoption of a uniform fiduciary standard for broker-dealers and investment advisers and specifically from requiring that broker-dealers be subject to a fiduciary standard that is "no less stringent" than the one applicable to registered investment advisers. (Download FOF-Letter-to-MJW-06-04-2013[1])
