“When an advisor is dually-registered, an investor can walk in and say they only want to talk to them twice a year to make trades and take a look at their portfolio. If most brokers become advisors, they will be required to keep an eye on every single asset in your portfolio and take a percentage of assets,” she said.
“We have concerns with states being active while the SEC is moving ahead,” added Bleier. “If each state comes out and works on its own fiduciary approach, that could inadvertently create conflicts and complexities for anyone operating in multiple states, including investors.”