"Among the questions respondents were asked was whether they acknowledged fiduciary responsibility in writing. Of the advisors who say they acknowledge a fiduciary status for all clients, 35% got a 'C' or less for their overall fiduciary index grade. Of the advisors who say they acknowledge fiduciary status for some clients, 68% got a 'C' or less. And of the advisors (brokers) who say they do not acknowledge fiduciary status, 90% got a 'C' or less. 'There's a disconnect between principles and practices,' says [one of the survey's authors,] noting the survey reveals that a number of advisors believe they're acting in principle to a fiduciary standard but in reality don't understand the practices."  MORE >>