CU financial advisers offer services to members.

As credit unions continue to expand into the investment brokerage business with onsite Certified Financial Planners (CFPs) and FINRA Series 7 registered representatives (RRs) to serve the investment and financial planning needs of their members, it is essential that they recognize and plan for the impending changes that will recast those credit union employees as fiduciaries.

It has long been the goal of securities regulators and industry watchdogs to raise industry standards above the investment suitability standard currently applicable to RRs. The Department of Labor attempted to accomplish this in 2016 with the adoption of the Fiduciary Rule. That attempt was rejected by the Fifth Circuit Court of Appeals in 2017 and then abandoned by the current administration.

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