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... "you never know what you're going to get."
Reportedly, the current "financial overhaul legislation" is hung up on a name. A bill passed by the U.S. House of Representatives would require "brokers" to be called "fiduciaries," but would not impose Common Law or other Statutorily recognized Fiduciary Duties upon them. See Tara Siegel Bernard, "Struggling Over a Rule For Brokers" p. B1, col. 6 (New York Times Nat'l ed., "Business Day" Section, Tuesday, February 16, 2010).
Or maybe you will get nothing at all. The Insurance Industry reportedly is adamant in totally opposing any Fiduciary designation for Brokers of any kind, at all. They are apparently concerned that Brokers selling Annuities may have to disclose their financial interests in selling those products if they are "Fiduciaries" with a Duty to give their Policyholders' interests at least as great consideration as they give their own. See id.
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