Fiduciary Duty Development

  • Effective July 1, 2017
  • Provides that a financial planner “has the duty of a fiduciary toward a client”
  • “Financial planner” means a person who for compensation advises others upon the investment of money or upon provision for income to be needed in the future, or who holds himself or herself out as qualified to perform either of these functions
  • The law imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers who for compensation advise other persons concerning the investment of money
  • The law does not include a definition of a fiduciary duty
  • Implementation of the law is dependent on the adoption of regulations.
  • The law does not apply to sales of insurance, unless accompanied by investment advice


Senate Bill No. 383
October 2, 2017 Notice of Regulation
September 8, 2017 Notice of Regulation

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