No one’s said anything yet about it, but a fiduciary standard will mean not just keeping an investor’s interests ahead of one’s own. It will also mean making sure that customer knows what that is costing.

To be sure, a standard is coming. In a speech to the Society of Corporate Secretaries in Chicago last Friday, Securities and Exchange Commission Chairman Mary Schapiro sounded ready to implement a universal standard of care on anyone who provides investment advice to retail clients.

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