"It's 2025. Nearly a decade has passed after the 75th Anniversary of the Investment Advisers Act and the [DOL's] enactment of its 'Conflict of Interest' rule.... Under the new DOL and SEC standards, conflicts of interest were required to be avoided wherever possible. This recognized that disclosures -- while important -- were largely ineffective consumer protections ... Reversing a series of ill-advised decisions and rulemaking by lack of enforcement, the SEC prohibited waivers and disclaimers of core fiduciary duties, a practice often seen in 2015 by dually registered RIAs ... FINRA, which had publicly opposed DOL's imposition of fiduciary standards in mid-2015, and in so doing revealed its true nature as an instrument of Wall Street's sales culture, had its jurisdiction over market conduct activities removed by an Act of Congress."

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