Advisors continue to flock to the RIA business model, making it the fastest-growing corner of the financial services industry. However, even as they do, more than ever are hanging onto commission income, despite the risks it poses to acting as full fiduciaries.

“Whether or not it’s the most pure of a fiduciary standard – and I don’t think it is – [retaining commission income] maximizes flexibility on revenue for the advisors so that’s why they are choosing it,” says Tyler Cloherty, a senior analyst at Cerulli & Associates who studies the RIA space.

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