The Maryland legislature may soon be considering legislation that would require Maryland-licensed broker-dealers (“brokers”) to abide by a fiduciary standard of care when recommending stocks, bonds and mutual funds to Maryland consumers.  Similarly, under the same contemplated legislation, Maryland-licensed insurance agents would be required to abide by a fiduciary standard of care when recommending insurance products to Maryland consumers. (See Senate Bill 786, which was introduced on February 4, 2019). If this legislation is enacted, the effect would be that brokers and insurance agents would have to determine if their recommendation is in a consumer’s best interest before presenting that recommendation to the consumer.   Continue reading...