DUE DILIGENCE: Stockbrokers, Clients Thrive in Four States That Already Impose a Fiduciary Standard

In a report titled "The Impact of the Broker-Dealer Fiduciary Standard on Financial Advice," Michael Finke of Texas Tech University and Thomas Langdon of Roger Williams University took a hard look at broker/dealers and stockbrokers operating in four states that already impose an "unambiguous" fiduciary standard on them-California, Missouri, South Dakota and South Carolina-and compared them to those who operate in states that don't have such a legal precedent-Arizona, Arkansas, Colorado, Hawaii, Massachusetts, Minnesota, Mississippi, Montana, New York, North Carolina, North Dakota, Oregon, Washington and Wisconsin.