In January, the U.S. Securities and Exchange Commission released a report recommending a common fiduciary standard for brokers and registered investment advisers who provide personalized investment advice. The SEC is scheduled to propose a rule on the standard between August and the end of the year, according to its website. Holding brokers to a fiduciary standard won't preclude them from accepting commissions, the SEC report said.
"Our clients have consistently indicated that they want choice in how they purchase and pay for wealth management services," said Christine Pollak, a spokeswoman for Morgan Stanley Smith Barney, the world's largest brokerage.
Investors who say they prefer commissions may not realize how much they're paying in terms of dollars, said Ellen Turf, chief executive officer of the National Association of Personal Financial Advisors, a network of fee-only financial planners.
"I think it's a psychological thing," she said. "I think the average consumer really doesn't understand."
The Cerulli study was based on a Phoenix Marketing International survey conducted between August and December 2010 that focused on households with more than $50,000 in annual income or more than $250,000 in investable assets.