roundtable to discuss the National Association of Securities Dealers Inc.'s "suitability" rule.
The rule requires brokers to take such factors as the client's age, income, risk tolerance, and goals into account when recommending investments. It may need tweaking in light of widespread "do-it-yourself investing," Bradley Skolnik, the president of the North American Securities Administrators Association Inc., said Tuesday at a conference.
There are roughly 7.5 million online brokerage accounts, the state regulators' group said.
NASD has already proposed to extend the suitability rule to day-trading firms, a recommendation that is before the Securities and Exchange Commission.
-- Cheryl Winokur