Several states are moving to adopt new rules aimed at protecting retirement investors, but the Securities Industry and Financial Markets Association says such a move would create a nationwide patchwork of regulations that would confuse financial advisers.

At issue is the Obama administration's decision to adopt the fiduciary rule, which requires financial advisers to work in their clients' best interest when providing investment advice for retirement. Critics alleged billions of dollars in retirement savings were being lost every year to advisers who were directing funds to less prosperous investments in return for fees and other kickbacks.

Earlier this year, the Trump administration delayed implementation of the rule and raised the possibility of eliminating it altogether. In response, several states are exploring adopting their own fiduciary rules, with Nevada the latest state to take up the issue.

"The genesis of (the proposed Nevada law) was absolutely the fact that the Trump administration seemed to put the Obama administration rule on an indefinite delay," Peter Koltak, executive director of the Nevada Senate Democratic Caucus, told Bloomberg BNA. http://bit.ly/2wITtil

SIFMA opposes the Nevada legislation. The group instead wants a nationwide standard for regulation.

"We are concerned that a state-by-state approach would subject financial professionals and firms to a confusing and potentially contradictory array of requirements and further muddy the waters for consumers trying to determine their relationship with their broker," Lisa Bleier, SFIMA's managing director of public policy and advocacy, told Nevada lawmakers in prepared remarks. http://bit.ly/2kBcZeX

SIFMA opposes the Obama-era fiduciary rule. The group recently released a study claiming the rule resulted in many financial institutions scaling back brokerage advice services for retirement accounts. http://bit.ly/2wI6t86

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