The CFP Board through a survey, claims that about 97% of Americans agree that the financial professional who provides one-time recommendations or other one-time advice about retirement investments should be required to act in their client’s best interest, including rollovers.
Obviously, certified financial planners will support any stringent fiduciary standard. Brokers and insurance professionals may be against it, but the public wants to hire professionals who look out for their interest, rather than the pro’s pocket. The industry and the public have come a long way to realize that the best advice is the one that doesn’t provide professionals with more compensation. Over the past 25 years with concern over fees, revenue sharing, and front-loaded funds (is that still a thing?), people want to hire someone who will give the best advice and net the financial pro, with the same compensation.
