An avalanche of comments deluged news outlets over the recent release of the Securities and Exchange Commission’s “Study on Investment Advisers and Broker-Dealers.”

The study urges that a uniform fiduciary standard be adopted for both investment advisers who now adhere to it and broker-dealers who often rely on the so-called suitability standard. It was a result that was widely expected. The 208-page document spells out its recommendations and its reason for calling for a uniform standard can be summed up in one word: confusion.

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