The growing voice of financial advisors demanding to be emancipated from the artificial limitations placed on them by outdated broker-dealers is being heard amid the noise-producing trade organizations pretending to be concerned about middle America's access to affordable investment advice. Advisors who embrace fiduciary freedom wonder why organizations funded and influenced by big institutions insist on using suspect data to support the argument that clients would be better off having hidden charges like 12b(1) fees.

The transparent reality in which many advisors already live represents a credible threat to the existence of financial institutions that insist on preserving outdated business models. In the broker-dealer/RIA segment, these outdated models maintain the notion that product manufacturers can continue to own and control distribution by bundling compensation and distribution expense inside the product.

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