This argument has always struck me as nonsense, and a 2015 survey by fiduciary advocates of investment advisers and brokers confirms this. More than 90 percent see no reason that working with a fiduciary adviser should cost more; 83 percent say a fiduciary standard would not price investors out of the market for advice.
The survey solicited anonymous responses to this question: "Do you believe a fiduciary duty for brokers who provide advice would reduce product and service availability for investors?"
Said one dually registered broker and fiduciary adviser: "No. The marketplace would change. Isn't it time?"
Mark Miller is a columnist for Reuters, which provided this article. His views are his own.