Whenever the enemies of a strict fiduciary standard offer their helpful advice to the SEC or the Department of Labor or testify before Congress, they make a curious argument. If the regulators require them to live up to a principles-based standard of care, they say, then they would no longer be able to "afford" to serve the millions of people who don't have large investment portfolios - and those poor middle-income citizens would be stranded in a world where nobody is willing to provide them advice.
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