2020 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 669 - Regulated Activities
Section 36a-860 - Financial planners.
(a) For purposes of this section and section 36a-860a, (1) “fiduciary duty” means a duty to act with prudence in the best interests of a consumer with undivided loyalty to such consumer, and (2) “financial planner” means a person offering individualized financial planning or investment advice to a consumer for compensation where such activity is not otherwise regulated by state or federal law.
(b) No financial planner shall, in connection with an agreement with a consumer to provide financial planning or investment advice for compensation, use a certificate, professional designation or form of advertising expressing or implying that such person has special training, education or experience in advising or serving senior citizens, unless such person has obtained a certificate, title or designation as described in section 36b-4.
(c) A financial planner shall disclose to a consumer, upon request, whether or not such financial planner has a fiduciary duty to such consumer for each recommendation such financial planner makes to such consumer.
(P.A. 17-120, S. 1.)
History: P.A. 17-120 effective July 5, 2017.
