Lines blurred between broker and adviser roles

Lines blurred between broker and adviser roles

SEC rules give brokers too much leeway when it comes to offering financial
advice without being subject to the regulations that restrict financial
advisers, according to some in the financial community. Michael Udoff, associate
general counsel for the Securities Industry Association, a brokerage-industry
group, says investment advisers can have conflicts of their own. For any
counselor, "what it really comes down to, I guess, is disclosure and how you
manage those conflicts."

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