We now are facing the threat of a compromised fiduciary standard that will allow brokerage firms to conduct business as usual. We have seen the SEC issue reports that openly talk about accommodating the brokerage industrys business model.
This is clearly contrary to the SECs consumer-protection mandate, but completely consistent with the possibility that if the SEC staffers play ball, they will be rewarded with seven-figure salaries in the industry at some point down the road. Indeed, a former senior SEC staffer recently made the jaw-dropping comment that the brokerage industry has too much influence to ever be held to a true fiduciary standard.
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