"As the scandal keeps growing deeper, the need for further reform becomes clear," according to a column in the St. Louis Post-Dispatch. "It's as if the deeper regulators dig, the more rot they find," David Niklaus writes.

That was just brought home by Edward Jones and American Funds being found guilty of kickbacks. If two of the biggest poster boys for good fund behavior are even guilty of shady sales practices, Niklaus believes that probably every fund company is blameworthy, too. He predicts regulators won't let up until they've exposed every single case.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.