Fiduciary Standard Receives a Boost from the Goldman Fiasco

The recent hearings on Capitol Hill involving Goldman Sachs and other financial institutions seems to have breathed life into the broad incorporation of fiduciary status within the investment industry.

A pair of senators recently proposed to restore fiduciary language into the Wall Street Transparency and Accountability Act of 2010.

Their bill is referred to as the "Honest Broker Amendment."

The fiduciary standard would require that agents and brokers "look out for the best interests of their customers when they sell financial products."

Source: National Underwriter

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