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Continued Lawmaker Concern on How Expanded Fiduciary Standard for Advisors Would Impact Middle Class
Michael Kitces in Nerd's Eye View Link to more items from this source
Jan. 21, 2014
"[T]he real challenge is that the market for advice is so complex, consumers have trouble choosing at all, and as research has shown, such environments of 'information asymmetry' can lead to a 'market for lemons' where the quality declines as dishonest businesses drive the honest ones away. In turn, this suggests that in the end, applying a consistent fiduciary standard for those who offer advice may actually be the single best way to drive down the cost of advice for consumers!"

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