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Advisors Greet SEC’s Best Interest Proposal with Skepticism, WealthManagement.com Ft. Brendan McGarry

Posted Apr 24, 2018

Brendan P. McGarry, attorney in the Kaufman Dolowich & Voluck Chicago office, was quoted in an article on WealthManagement.com.

Some, however, like Brendan McGarry of the law firm Kaufman Dolowich & Voluck in Chicago, think there’s simply too much work to be done. “Based on the commissioners’ comments, the proposed 90-day comment period may not be long enough to facilitate generation, submission and consideration of the number of comments likely to be submitted for the 1,000 page rule.”

Advisors Greet SEC’s Best Interest Proposal with Skepticism

Even those who are pleased with the result agree there’s much work to be done.

Wednesday afternoon, a five-person Securities and Exchange Commission panel voted four to one to move forward on a proposal package that would establish a best interest standard for broker/dealers and restrict brokers from using the titles “advisor” or “adviser,” as well as implement a mandatory disclosure document, Form CRS, summarizing investment advisors’ and brokers’ relationships with clients.

Most in the industry seem to be taking the news with a grain of salt and a healthy dose of skepticism. The commissioners themselves were reluctant to push it through

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