Raymond James CEO Opposes State Fiduciary Standards
May 8, 2019 by Emily Zulz
Raymond James Chairman & CEO Paul Reilly is very critical of states’ plans to issue their own fiduciary rules.
In a media briefing via phone following his town hall at Raymond James’ annual conference for independent advisors, Reilly explained how regulatory pressures – and state fiduciary laws in particular – are advisors biggest concerns.
“If you could imagine – and I’ll be on an extreme here – going from today’s FINRA’s standards to having a best interest in 50 states standards – which is the other extreme. You’re going to get concerned about how you’re going to operate in that kind of complex environment,” Reilly told media. “There’s a lot of concern with what’s happening [regulatory-wise] and all those changes.
Early this year, Nevada proposed fiduciary regulation and may be first state to adopt a fiduciary rule. Nevada’s proposal was hit with early criticism from Mortan Stanley and TD Ameritrade, who warned they would stop serving customers in Nevada if the state moved forward.
Click HERE to read the full story via ThinkAdvisor.
