Stifel CEO: Fiduciary standard could be "good for business"News added by ProWEB Media on August 11, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

Stifel Financial Corp. won't be as hampered if regulators impose a fiduciary standard on brokers, according to CEO Ronald Kruszewski.

"People think it more impacts Stifel, but that's not the case. We all have the same programs ... and I think it will be a new fiduciary standard anyway, one that will be a disclosure regime," he said.

Securities and Exchange Commission Chairman Mary Schapiro has voiced her support for placing a fiduciary standard on brokers similar to the standard applying to investment advisors.

Kruszewski, who also serves as chairman of the Securities Industry and Financial Markets Association's political action committee, says he believes that regulators understand the line a fiduciary standard must walk between investor protection and the health of the industry.

He added that the change will be good for business if it helps to increase investor confidence and trust.
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