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Banks, brokers must regain investors' confidence and trust in firms, markets, SIFMA chair says

Jan 17 2013 Stuart Gittleman, Compliance Complete

Restoring investor trust in the brokerage industry is the top goal for the Securities Industry and Financial Markets Association, Chet Helck, chairman of the industry trade group, told reporters Thursday. "Under my agenda public trust and confidence is job one – and job two, and job three," Helck, who also is chief executive of the private client group at Raymond James, said at a media briefing in New York. The public's perception of the safeguards of the broker-dealer's suitability standard and the investment adviser's fiduciary duty is "confused," Helck noted, saying SIFMA supports the same high level of care for investors, but that it should be "workable from an execution point of view." Helck's comments echoed SIFMA's reaction five years earlier when the Securities and Exchange Commission released a study by the RAND Corporation, a think tank, of investor perceptions of the business practices and client obligations of brokers and advisers. Investors generally did not know that

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