WASHINGTON: The U.S. Securities and Exchange Commission on Wednesday will vote to adopt a package of rules mandating brokerage firms disclose potential conflicts in the fees investors pay and the commission brokers earn when giving financial advice.
The SEC rule, if adopted, will be a win for Wall Street because, unlike the Labor rule, it would still allow brokers to recommend products that benefit them, provided they disclose the conflict. SEC Chairman Jay Clayton, a Republican appointee, says the proposed rule would elevate the standard for both broker dealers and wealth managers.Investor advocates, however, say the SEC rule is too vague in its definition of"best interest" and does not address all investment advice conflicts, including the higher payments that brokers receive for selling products that are more expensive to trade.
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