SEC Adopts Broker-Dealer Exemption

Published Wednesday, April 06, 2005

Over the vociferous objections of fee-only financial planners, the SEC voted unanimously today to adopt the broker/dealer exemption rule. The rule, formerly known as the Merrill Lynch exemption, lets b/ds that offer fee-based brokerage accounts avoid the fiduciary obligations required of advisors under the Investment Advisers Act of 1940. On the most basic level, the ruling allows a wide variety of retail financial jobs to be legally described by the term “advisor.” Formerly, only financial professionals held to specific fiduciary standards under the 1940 Act could use the term legitimately. The ruling ends a bitter six-year battle between ...

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