Massachusetts Finalizes Fiduciary Rule; Consumer Group ‘Disappointed’ With Changes

February 25, 2020 by Melanie Waddell

William Galvin, Massachusetts’ top securities regulator, said Friday that he has finalized the state’s fiduciary rule to impose “a true fiduciary conduct standard” in Massachusetts.

The new regulations, which take effect March 6, require broker-dealers and their agents to provide investment advice and recommendations “without regard to the interests of anyone but the customer.” A prominent consumer advocate, however, said the final rule had been weakened from the original version.

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Originally Posted at ThinkAdvisor on February 21, 2020 by Melanie Waddell.