(07-31-2019, 06:59 AM)mikesez Wrote:

(07-31-2019, 01:17 AM)Predator Wrote: The fiduciary rule did not allow for commissions unless they sign a waiver called a best interest contract which means the advisor is no longer held to a fiduciary standard but to a lesser "Best interest" standard which is the required FINRA standard for all advising. Commissions present a potential conflict of interest which means all commission based accounts don't meet the fiduciary standard. Fiduciary accounts are always fee based.

"Best interest" allows a client to have input into the individual accounts as long as the Advisor discloses potential risks the clients choices may have.

With fiduciary accounts, clients aren't allowed to make any individual investment choices because allowing someone who is unlicensed and unqualified to have input in what investments to choose would violate the fiduciary standard.

I think we are using the word "commission" differently.

"An advisor who receives both a flat fee and commissions is considered fee-based. Fiduciaries must be fee-only or fee-based. Non-fiduciaries can be commission-based or fee-based."

A fiduciary can still receive commissions.

https://money.usnews.com/investing/inves...ciary-duty