A new survey finds that commission-only brokers want to be able to switch from a fiduciary to a suitability standard when recommending products.

Despite expressing support for a fiduciary standard, commission-only brokers still want to be able to revert back to their old suitability standard when they recommend and sell investment products, according to a new survey by SEI Advisor Network and The Committee for the Fiduciary Standard.

The survey was completed by 890 registered investment advisors, investment advisor representatives and dually registered broker/advisors. The participants’ assets under management ranged from $50 million to $250 million, and 132 respondents identified themselves as commission-only brokers.

Of the commission-only brokers, 55% said they should be able to meet a fiduciary standard when providing advice, and then switch back to the suitability standard when selecting, recommending and selling investment products. Under a fiduciary standard, an advisor is required to put the best interests of the clients first. Under a suitability standard, an advisor must recommend products that are suitable for a particular client. Supporters of the fiduciary standard have long complained that the suitability standard does not require an advisor to recommend the best, or most cost effective, product to a client and most only prove the product is “suitable” for their needs.

Forty-three percent of brokers who are compensated by a mixture of commission/fee also wanted to be able to switch hats, while only 7% of fee-only advisors agreed that should be allowed.

Knut Rostad, chairman of The Committee for the Fiduciary Standard and regulatory and compliance officer for Rembert, Pendleton, Jackson Advisor, says he believes there could be a compromise between the two positions, as long as the advisors duty remains consistent within each client relationship. “If an advisor has established a fiduciary relationship to advise Mr. and Mrs. Smith then he can’t switch to a suitability standard when selling them products,” he says. “But later in the afternoon, when he meets with Mr. and Mrs. Jones, he can carry out transactions for them under a suitability standard (provided he hasn’t established a fiduciary relationship to advise them).”

Despite the discrepancy on this issue, 53% of commission-only and commission/fee brokers said they believed that all financial professionals who give investment and financial advice should be required to meet a fiduciary standard.