“The SEC may have permitted this practice to proliferate, but it was the private sector that continued to allow this,” @HDelux @wealth_mgmt

Brian Hamburger, president and CEO of MarketCounsel, joined Former SEC Commissioner Aguilar on a webinar sponsored by TD Ameritrade Institutional. Aguilar called it an “embarrassment” that the SEC still hasn’t come out with a uniform fiduciary standard. He blamed politics and a bandwidth issue. Hamburger, however, believes it’s unfair to blame just the SEC.  “[The SEC] may have permitted this practice to proliferate, but it was the private sector that continued to allow this,” Hamburger said. “And at the end of the day, it also was investors. Investors have historically been very apathetic about really entrenching themselves with regards to the distinction between advisors and brokers. So long as that’s the case, it’s going to be tough to imagine the SEC immediately changing tack given the issues that are backlogged on its docket today.” MarketCounsel is an Englewood, N.J.-based firm specializing in business and regulatory consulting services for investment advisers.

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