SIFMA releases Oliver Wyman study on impact of uniform fiduciary standard on retail investors

SIFMA has released a study conducted by Oliver Wyman for the Securities and Exchange Commission that examines the impact of unifying the fiduciary standard of care that retail investors receive from financial advisers and broker-dealers. This standardization of care at the federal level was proposed by the Obama administration in 2009 as part of the Dodd-Frank Act.

Oliver Wyman collected data from a broad selection of retail brokerage firms that serve 33% of households and represent 27% of all retail financial assets.  The key insight from the survey is that broker-dealers play a critical role in the financial services industry that cannot be easily replicated with alternative services models.  Therefore, if the proposed standardization is adopted, retail investors (particularly small investors) could see a negative impact on the choice of advisory model, product access, and affordability of advisory services.


The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers.  SIFMA's mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets.  SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).  For more information, visit SIFMA.

For a full copy of SIFMA's press release, please click on the learn more below, or visit: SIFMA.