News & Press: Financial Planning News

Governor Murphy Marks 10 Year Anniversary of 2008 Financial Crisis

Monday, September 24, 2018   (0 Comments)
Posted by: Amanda Robinson
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Governor Murphy Marks 10 Year Anniversary of 2008 Financial Crisis by Announcing Plan to Require NJ Financial Industry to Put Customers’ 

 

Governor Phil Murphy today marked the 10-year anniversary of the 2008 global financial crisis by announcing plans to issue a rule strengthening the standards for investment professionals in New Jersey to better protect residents seeking to invest their life savings and to close a regulatory gap in federal oversight that helped fuel the economic meltdown a decade ago.

The rulemaking, being initiated by the New Jersey Bureau of Securities, would impose a fiduciary duty on all New Jersey investment professionals, requiring them to place their clients’ interests above their own when recommending investments.

Most investors assume all financial professionals are obligated to provide unbiased advice. But under current federal standards, only investment advisers and their representatives have a fiduciary duty to put their clients’ interests above their own. 

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