Stock and bond brokers effectively now have to observe fiduciary rules when discussing investments with clients. In the past, all they were obligated to do was see that investments were suitable for their clients.
Under fiduciary rules, brokers could be sued by tort lawyers for any imagined infraction and/or lack of explanation. This makes the broker’s job too scary for any practitioner to contemplate keeping.
It’s a scary possibility even for efficient stock brokers, that can keep them ever alert. (See the Earl J. Weinreb NewsHole® comments and @BusinesNewshole at Twitter.)
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