Updated: Oct 15, 2020
I have an Android phone. I check my Google Chrome application at least daily. Because of my profession, I get a fair amount of articles that relate to my profession that show up in my "news feed" of sorts.
This one showed up today:
The entire industry has been swept up in this whole "fiduciary debate". Why is this a problem? Because various people, associations, and political parties want to make a name for themselves for "curbing the abuse against our citizens" (or something like that). (Always remember that politicians on both sides have to become masters of 'spinning' - making a topic fit their narrative.)
There is still current legislation within the SEC and the FINRA self-regulatory organizations about "Regulation Best Interest".
Here's the spin: If the agent, advisor, or broker earns a commission, that commission is evil. Why is it evil? Because it *may* not be in your best interest compared to something else - that may have a lower cost, better risk/return ratios, etc.