3ethos CEO Don Trone wrote for Financial Advisor Magazine how fiduciary advocates are not always aware of the history of the fiduciary movement or their own responsibilities.
"Recently, I was preparing an outline for a panel discussion on fiduciary responsibility. As I was reviewing some old files, it occurred to me that most financial advisors probably are not aware of the rich history behind the fiduciary movement. “Fiduciary responsibility” has left an indelible mark on the investment advisory industry, and no matter how the SEC or DOL responds to the current fiduciary debate, we’re not rolling back any of the best practices that have evolved from the movement.
...the next time a fiduciary advocate states that the fiduciary movement is about putting the interests of the client first, remind the person that they’re only partially right: Advocates need to broaden the scope of the movement by including the value and importance of procedural prudence and ethical discernment."