RJ and Makay

Don't expect a fiduciary standard for broker-dealers (B-Ds) before late July of this year, more than a year after passage of the Dodd-Frank financial reform law requiring such a standard.

What's the hold-up? Various federal agencies are haggling over the details of the new fiduciary standard, which will apply to investment advisors, as well, says Jennifer B. McHugh, senior advisor to Securities and Exchange Commission (SEC) chairman Mary L. Schapiro.