Originally Posted by Norwayguy
And when it results in no advice for small investors?
I believe there will be a fiduciary rule that will supplant the suitability rule, but that it will be designed to be a win-win for both the client and the advisor. It will take a year or two, but it will happen.
No one running in the next midterms wants to run on a platform of "It is OK for your financial advisor to screw you over so I voted against fiduciary legislation."
With smart and vocal opponents of the current 'system' (one woman who is already running for President) the financial industry will eventually settle on some fiduciary platform that is acceptable to all parties.
Personally, the vast majority of advisors run their biz or act to their clients as de facto
fiduciaries so it won't be as big a deal as the media is making it out to be.
It is the carriers and BDs that are the opponents of this. Most advisors in the retail sector won't be changing the way they practice.