Fiduciary
Standard and Financial Advice: Findings from Academic Literature
Abstract: This
article provides an overview of theory and empirical evidence related
to the benefits and costs resulting from the application of a
fiduciary standard of care to the conduct of brokers, dealers
(broker-dealers), and investment advisors. The purpose of this
document is not to advocate a position on possible regulatory
actions. It is intended to provide an in-depth review of the extant
literature, primarily from economics, finance, and law, related to
the regulation, incentives, and outcomes of the existing advice
marketplace. Opinions on the likely impact of various strategies on
the marketplace are entirely those of the author and are based on the
preponderance of empirical evidence and the strength of related
theories. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2419727
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