“All the so-called advisors cited by the SEC for conflicts of interest were actually all dually-registered reps and were working with a broker-dealer. If you had no association with a broker-dealer, you couldn’t get shares that paid 12b-1 fees,” Rostad said.
Investors who want to understand the advantage of working with a true, fee-only fiduciary advisor should visit http://www.advisoronmyside.org, Rostad said.
The pro-fiduciary advice website for investors is being funded by the Institute for the Fiduciary Standard, National Association of Personal Financial Advisors, the Committee for the Fiduciary Standard, Garrett Planning Network and Alliance of Comprehensive Planners.