June 8, 2017
One of the basic duties of government is to enforce contracts. The contract between an investor and a paid investment advisor should be as simple as this an investor intrusts funds to an advisor and the advisor works in the best interests on the investor. The invesment advisor industry has a high incidence of advisors working in their own best interests rather than the clients.
I see two scenarios for this situation. First, the Fiduciary rule is allowed to stand and make all advisors accountable for their actions. Or have advisors report all upfront fees, back end commissions and other income received as a course of doing business with each client.
This allows each client to see the total charges on their accounts. Then the client can have a transparent view of the activity in their investments.