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What Is the Difference Between Suitability and Regulation Best Interest (Reg Bi)? - Transcript

If a lawyer is only talking to you about suitability you should run the other way because since June of 2020 regulation best interest is the standard and it’s a better standard than the old suitability standard that applied before June of 2020. now these days cases are often straddling because people have long time relationships with their Brokers so they straddle between suitability the old standard and regulation best interest the new standard student ability is a subset of Regulation best interest so suitability has traditionally always meant that an investment is right for you for your age your investment profile your time Horizon your risk tolerance your investment objectives and other factors like that regulation best interest adds a number of it adds almost a fiduciary duty to the scenario where the broker has to consider if there are you know lower commission products whether it this product is in your best interest or something else because of factors that may not be appropriate for you such as time Horizons like in a liquid private placement for an 80 year old person uh would be not in the best interest of that person to get involved in and there’s also a lot of other disclosure requirements that have been added about conflicts and commissions that had always been very hard hard to figure out in many cases so regulation best interest is sort of the the outgrowth of the maturity of the suitability rule under finra conduct rules.

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