With all the arguments and lobbying around the fiduciary standard, I think the profession is in danger of forgetting the big picture. The fight over the “fiduciary” label is really just one more battle in a long war between professionals and sales agents.

Over the years, professionals have repeatedly created bright-line distinctions that separate those who want to enhance the lives of their clients with their expertise from those who want to pose as professionals — so they can more efficiently gather assets and sell products that mostly benefit them and their employer.

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