Conversations with 20 of the nearly 500 wirehouse advisors who had inaccurately been calling themselves fee-only on the CFP Board website failed to turn up any who informed clients of the change in their compensation disclosure.

“I’m not going to tell anyone that I changed my disclosure,” says Geraldo Alves of Merrill Lynch in Pasadena, Calif., expressing a common sentiment.  “The issue is that most clients do not have a clear [understanding] of these definitions.”

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