O’Brien agreed.
“’Best Interest’ actually sounds like it means something, but it’s misleading and most consumers have no idea what it means,” said O’Brien. “Then again, just think about it: Even with where regulations are in this country today, how many Americans are going to be concerned about regulations and what they mean, especially in financial services?
“I think advisors end up differentiating themselves the same way we always have. For years the commercials on TV and advertisements in print have been using best-interest type language, and most were from firms that haven’t been looking out for clients’ best interest. I don’t see this as a victory for the brokerage world, and it could even come back to bite them, especially when the rule is reversed.”