"The fiduciary rule would inevitably abolish some number of business relationships certain people might accept; instead of possibly conflicted, but still 'suitable,' advice, they would get none, or perhaps 'robo-advice' online. On the plus side, however, other people would be protected from exploitation.... We revert to common sense: If you're in business to advise small investors, it should be as clear as possible that you work for them and not a third party behind the scenes. Yes, the fiduciary rule might shrink the business, but what remains could well enjoy greater legitimacy, in both reality and perception. In this time of raging populism, the financial industry needs all the trustworthiness it can get."

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