Attorney General Gurbir S. Grewal and the Bureau of Securities announced Monday the proposal of a new uniform fiduciary standard for investment firms to protect investors and eliminate the confusion associated with financial advisers who wear dual hats as brokers.

The proposed rule, N.J.A.C. 13:47A-6.4, would require all investment professionals registered with the Division of Consumer Affairs’ Bureau of Securities to place customers’ interests above their own when recommending securities or providing investment advice, according to Grewal.