At first blush, the fiduciary standard is a big win for consumers. Hopefully it will be, though I have my doubts. 

It’s still the Wild West when it comes to investment advice. It’s absolutely legal for an advisor to capture the lifetime savings a consumer has built up in their 401(k), have them roll it into an IRA and then sell them an annuity paying handsome commissions -- that leads to a nice trip to the Ritz-Carlton Grand Cayman to boot. That’s more than wrong and I’ve seen it too many times.

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