Chase Investment Services Corp will have to reimburse brokerage customers $1.9 million over the sale of unit investment trusts and floating rate loan funds not deemed suitable for them.
So the results are in: Advisors should be held to a fiduciary standard because investors assume their brokers are acting in their best interests anyway.
t is time to embrace a uniform fiduciary standard, Dick Averitt, the chairman of Raymond James Financial Services told a packed general session at its national conference for professional development.
A major overhaul of suitability mandates that take effect today has some in the brokerdealer world worried about much broader obligations to oversee customer accounts and investment strategies.