3ethos CEO Don Trone, L5, wrote an article on how the SEC's Reg BI and CFP Board's "fiduciary" standard has set the movement for higher financial planner standards back to where it was "20 years ago."
"What’s the difference between a file clerk and a fiduciary? Come June 30th, not much.
A clerk is employed to perform menial office tasks. They’re told what to do, have little or no discretion, and are not entrusted with critical decision-making."