Financial Planning Coalition Comment Letter to the New Jersey Bureau of Securities

The Financial Planning Coalition submitted a comment letter to the New Jersey Bureau of Securities on its proposed rule regarding the fiduciary duty of broker-dealers, investment advisers, and their respective representatives when providing personalized investment advice.

The Coalition’s position in support of a fiduciary standard of conduct for all personalized investment advice is supported by CFP Board’s newly revised Code of Ethics and Standards of Conduct, which becomes effective October 1, 2019.  The Code and Standards contains a genuine fiduciary standard of conduct that is broadly applicable yet business model-neutral.  Although there are many similarities between the Proposal and the Code and Standards, such as an inclusion of the duty of loyalty, there are key differences, including the manner in which conflicts of interest are resolved. 

Read full letter here.