Currently, stockbrokers can offer the same services as Fee-Only financial planners without being accountable to the same fiduciary standards. This exemption to the Investment Advisers Act of 1940 has been called the “Merrill Lynch rule.”
The investment world is composed of mostly fee-and-commission-based salespeople. We often call them “The Dark Side” of financial services.
There exist good professionals on the dark side, but the incentives to be bad are strong.