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Fiduciary Duty and the Market for Financial Advice
National Bureau of Economic Research [NBER]; purchase required for full document Link to more items from this source
May 20, 2019
"[I]mposing fiduciary duty on broker-dealers shifts the set of products they sell to consumers, away from variable annuities and towards fixed indexed annuities. Within variable annuities, fiduciary duty induces a shift towards lower-fee, higher-return annuities with a wider array of investment options.... [The authors] find evidence that fiduciary duty does not solely increase the cost of doing business but that it has the intended effect of directly impacting financial advice."

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