The Fiduciary Fight: A Battle Worth Paying Attention To

I have a lot of strong opinions about the financial industry, but one topic I’ve become especially vocal about is the ongoing battle between Broker-Dealers and the Fiduciary Standard. My rants on the subject are becoming somewhat legendary—and for good reason.

While the government doesn’t always get it right, the Department of Labor may be on to something with its push to require anyone handling a client’s retirement funds to follow the Fiduciary Standard. This rule would mandate that advisors act solely in their client’s best interest when giving advice. Yet, the industry is spending serious money lobbying to kill it.

What Is the Fiduciary Standard—And Why the Resistance?

According to the rule: “As a fiduciary, the adviser must provide impartial advice in their client’s best interest and cannot accept any payments creating conflicts of interest.”

That’s what the industry is fighting? A rule requiring them to act in the best interest of their clients? It sounds absurd, but unfortunately, it’s true.

If you’re currently working with an advisor tied to a Broker-Dealer, chances are their firm is part of this opposition. That means your fees are—ironically—being used to lobby against your own right to receive conflict-free advice. That’s not just disappointing. It’s maddening.

Follow the Money: Why This Fight Matters

Let’s be honest: if the industry is willing to pour millions into stopping the Fiduciary Standard, there’s a reason. And it likely has little to do with you, the client.

So what are they protecting? Revenue. Commissions. Hidden fees. Compensation structures that don’t align with what’s best for the investor—but instead, benefit the institution and the advisor.

This is exactly why it’s so important to work with someone who already operates under the fiduciary standard—by choice, not because the law says they have to. Don’t settle for less than advice that’s in your best interest.

After all, when the industry fights this hard, it’s worth asking: What don’t they want you to know?

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