Whether or not the Department of Labor's controversial fiduciary rule survives, brokerage firms should act in their clients' best interest, FINRA chairman Jack Brennan said.
"It's going to be the way business is done," he told participants at the Financial Industry Regulatory Authority's annual conference in Washington. "Whether it happens June 10,  or June 10, 2022," it's only a matter of time before it happens.
The date to implement the regulation - originally slated for Apr. 10 - was delayed until Jun. 9 while the rule is under review by the self-regulator.
Brennan also said he hopes the Securities and Exchange Commission will adopt its own rule holding broker-dealers to a fiduciary standard as authorized by the Dodd-Frank Act. However, that isn't likely to happen anytime soon.