Updated State Fiduciary and Best Interest Developments Chart

We have updated our state fiduciary/best interest developments chart. We are still waiting for finalization of the Nevada rules on the fiduciary duty for broker-dealers and investment advisors and the effective date of the New York rules on the sale of annuities and life insurance. In the meantime, though, Maryland and Massachusetts have stepped in with new developments.

The Maryland action is an about-face. In 2018, a bill was introduced that would have imposed a fiduciary standard on broker-dealers and insurance representatives. But the state Senate did not advance the bill out of Committee, and it expired when the legislature adjourned. On the other hand, Massachusetts is moving ahead with a proposal to require state-registered investment advisers to provide a simple one-page disclosure of their fees.

The chart will be updated as changes occur.

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