CT HB07152

Requires financial planners to disclose upon request whether they have a fiduciary duty to a client or any financial interest in the advice they provide.

Applies to financial planners providing compensation-based individualized financial planning or investment advice for Section 403(b) annuities, mutual fund custodial accounts, or Section 457 plans who are not regulated under the Employee Retirement Income Security Act of 1974.

Defines "fiduciary duty" as the duty to act in a person's best interest and render advice based on that person's particular financial or investment needs.

Directs the Department of Banking to adopt regulations implementing this requirement, guided by the U.S. Department of Labor's Final Rule on fiduciary definition and conflicts of interest published April 1, 2016.

Effective date: October 1, 2017.