“It’s incredibly complex and significantly different from the rule proposal in 2010,” Adam Antoniades, president of Cetera Financial Group, said in the article. “It looks to promote client engagement that serves the best interest of clients. We, like the industry, applaud those efforts. The risk is unintended consequences. My guess is this will drive fee-based business.”
Additionally, the scheduled updated rules for nontraded REITs to take effect next April could impose new requirements on reporting estimated share values on account statements. So far this year, nontraded REIT sales are off to a slower start as rising rate risks pressure the performance outlook on real estate investment trusts.
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Max Chen contributed to this article.