8.6.2009 The Investment Adviser Association, Certified Financial Planner Board of Standards, Inc., Financial Planning Association, and National Association of Personal Financial Advisors collectively sent a letter to the SEC’s Investor Advisory Committee, urging the Committee not to define fiduciary duty. The groups argued that defining the duty would erode investor protection and contravene hundreds of years of common law that had left the duty undefined. The groups urged that, instead of trying to define fiduciary duty, the Committee consider a recommendation to clearly and unambiguously extend the fiduciary duty that investment advisers owe their clients under the Investment Advisers Act to brokers who provide investment advice.  

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