August 18, 2010
This whole argument about fiduciary responsibility leaves out the most important element and that is the client. Where does the requirement for the client to take responsibility for his or her actions come into play?
If you impose fiduciary responsibility on me then you have to give me the same rights as everyone else and that includes at a minimum the right to charge a fee rather than a commission and more importantly to be able to take discretion over an account.
You simply cannot have fiduciary responsibility without discretion.
My recommendation is to stop wasting time on this.